Home & Mortgage
Refinance Calculator
Compare your current mortgage with a refinance scenario, including monthly payment, break-even timing, and modeled lifetime interest.
Quick mode
Start with the few inputs that usually move the answer most. MFA keeps transparent defaults for the rest until you open them.
Mortgage-rate context · Latest source refresh
Freddie Mac national mortgage benchmarks
PMMS national averages are market context, not a personalized lender quote or intraday rate. Use an actual Loan Estimate when you have one.
Observation: 2026-10-22
Observation: 2026-10-22
Decision assumptions
Compare the same debt over the time you actually expect to keep the loan.
MFA separates required payment, upfront costs, horizon economics and lifetime economics so a term reset cannot hide behind a smaller monthly payment.
Use the period before you expect to sell, refinance again or pay the loan off.
Quick mode: extra principal remains $0/month. Open Full to edit prepayment, exact current payment, points and lender credit.
Keep current loan
Use the remaining balance and term, not the original mortgage amount and term.
My MFA can prefill non-preset values such as 27 years.
New refinance quote
Enter the actual quoted rate and pricing. MFA does not manufacture a rate reduction from the points field here.
Lender/title/recording costs you want included. Keep escrow funding and prepaid taxes separate when they are merely timing items.
Refinance decision
Over 7 years, the refinance lowers modeled financing cost by about $22,593 after the entered points, lender credit and closing costs.
Current required P&I
$2,217/mo
New required P&I
$1,799/mo
Monthly difference
−$418
Cash-flow break-even
1 yr 3 mo
Net refinance costs
$6,000
7-yr cost · keep
$148,598
7-yr cost · refi
$126,005
7-yr difference
−$22,593
Points cost
$0
0 points
Other entered costs
$6,000
Lender credit used
$0
capped at entered costs
Net upfront cost
$6,000
Points vs lender credit: these are pricing choices on a refinance quote, not free money. A lender credit usually comes with different rate pricing; points usually buy different rate pricing. Enter each actual lender quote as its own saved scenario. For a home purchase involving a seller credit, use the Mortgage Payment Calculator’s Scenario A/B comparison, which separately models seller-credit economics.
Open purchase mortgage quote comparisonPrincipal path
A lower payment can also mean paying principal more slowly.
Same extra principal assumption on both paths
- Keep Current
- Refinance
Across the full modeled payoff paths, refinancing reduces interest + net refinance costs by about $11,577.
Educational estimate. Compare actual Loan Estimates, APR, points/credits, escrow changes, taxes, any prepayment penalty, and how long you expect to keep the loan. Principal is not treated as a financing cost because it reduces your debt; the balance chart shows when one structure pays principal more slowly.
3 · Save only what matters
Keep the result or send the scenario.
Run the math first without an account. If this result is useful, save it to My MFA so you can reopen it instead of rebuilding the scenario.
Turn this result into a decision.
Compare it with another snapshot, keep your reasoning and set your next step.
Inputs, estimates & source dates
Keep this result
Save it to My MFA and come back later.
This keeps the scenario in your private My MFA workspace so you can reopen, compare and organize it. It does not publish the scenario.
Share or export
Send the scenario, copy a rerunnable link, or export a branded file.
Sharing is separate from saving to My MFA. Public links carry only the scenario inputs needed to reproduce this view.
PNG and PDF use the same high-resolution MFA export layout with result context and assumptions. On iPhone, Save PNG can open the iOS share sheet. MyFriendAlex.org is the full experience · MFA.Money is the short address.
Go deeper in Excel
Home Buying Decision Model
Mortgage, closing costs, property tax, maintenance, opportunity cost and rent-vs-buy scenarios. The workbook is being built as a reusable companion to MFA's free web tools.
Planned workbook: Mortgage model · true cost · rent vs buy · scenario table.
Understand the result
When Does Refinancing Make Sense?
Read the plain-English guide, common mistakes and context behind this calculation.
Keep going
Related next steps
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OpenRelated MFA experience
Compare a home decision
Educational estimates only. Not financial, tax, investment, legal, payroll, mortgage, or insurance advice. Results may vary based on rates, tax rules, lender terms, state laws, and personal circumstances. Financial values entered into supported calculators may be stored privately with technical data such as IP address for MFA analytics, security, debugging and product improvement. Do not enter account numbers, passwords, Social Security numbers or login credentials. Privacy details.