#mortgage-refinance-calculator-wrapper input { width: 100%; padding: 12px; margin: 8px 0 20px 0; border: 1px solid #ccc; border-radius: 6px; box-sizing: border-box; font-size: 16px; }
#mortgage-refinance-calculator-wrapper label { font-weight: 600; color: #2c3e50; display: block; }
#mortgage-refinance-calculator-wrapper .calc-btn { background-color: #0073aa; color: white; padding: 15px 20px; border: none; border-radius: 6px; cursor: pointer; width: 100%; font-size: 18px; font-weight: bold; transition: background 0.3s; }
#mortgage-refinance-calculator-wrapper .calc-btn:hover { background-color: #005177; }
#mortgage-refinance-calculator-wrapper .results-box { margin-top: 25px; padding: 20px; border-radius: 8px; background-color: #f9f9f9; display: none; border-left: 5px solid #0073aa; }
#mortgage-refinance-calculator-wrapper .result-item { display: flex; justify-content: space-between; margin-bottom: 10px; padding-bottom: 10px; border-bottom: 1px solid #eee; }
#mortgage-refinance-calculator-wrapper .result-item:last-child { border-bottom: none; }
#mortgage-refinance-calculator-wrapper .result-value { font-weight: bold; color: #0073aa; }
#mortgage-refinance-calculator-wrapper .break-even-badge { background-color: #e7f3ff; color: #0073aa; padding: 10px; border-radius: 4px; text-align: center; margin-top: 15px; font-weight: bold; }
function calculateRefi() {
var balance = parseFloat(document.getElementById('currentBalance').value);
var currentPay = parseFloat(document.getElementById('currentPayment').value);
var rate = parseFloat(document.getElementById('newRate').value);
var termYears = parseFloat(document.getElementById('newTerm').value);
var costs = parseFloat(document.getElementById('closingCosts').value);
if (isNaN(balance) || isNaN(currentPay) || isNaN(rate) || isNaN(termYears) || isNaN(costs)) {
alert("Please enter valid numerical values for all fields.");
return;
}
// Monthly interest rate
var monthlyRate = (rate / 100) / 12;
// Total number of payments
var totalPayments = termYears * 12;
// Monthly payment formula: P * [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]
var newPayment = balance * (monthlyRate * Math.pow(1 + monthlyRate, totalPayments)) / (Math.pow(1 + monthlyRate, totalPayments) – 1);
var monthlySavings = currentPay – newPayment;
var totalInterest = (newPayment * totalPayments) – balance;
var breakEvenMonths = costs / monthlySavings;
// Format numbers
var formatter = new Intl.NumberFormat('en-US', {
style: 'currency',
currency: 'USD',
});
document.getElementById('newMonthlyPayment').innerHTML = formatter.format(newPayment);
document.getElementById('monthlySavings').innerHTML = formatter.format(monthlySavings);
document.getElementById('totalInterest').innerHTML = formatter.format(totalInterest);
var breakEvenDiv = document.getElementById('breakEvenPoint');
if (monthlySavings > 0) {
var years = Math.floor(breakEvenMonths / 12);
var months = Math.ceil(breakEvenMonths % 12);
var timeText = "";
if (years > 0) {
timeText = years + (years === 1 ? " year " : " years ") + "and " + months + (months === 1 ? " month" : " months");
} else {
timeText = months + (months === 1 ? " month" : " months");
}
breakEvenDiv.innerHTML = "Break-Even Point: " + timeText;
breakEvenDiv.style.backgroundColor = "#e7f3ff";
breakEvenDiv.style.color = "#0073aa";
} else {
breakEvenDiv.innerHTML = "No monthly savings detected with these terms.";
breakEvenDiv.style.backgroundColor = "#ffe7e7";
breakEvenDiv.style.color = "#d63031";
}
document.getElementById('refiResults').style.display = 'block';
}
Mortgage Refinance Savings Calculator
Calculate your monthly savings and the break-even point for your new home loan.
30 Years
20 Years
15 Years
10 Years
Your Refinance Summary
New Monthly Payment:
$0.00
Monthly Savings:
$0.00
Total Interest Paid (New Loan):
$0.00
How to Use the Mortgage Refinance Savings Calculator
Deciding whether to refinance your home is a major financial decision. This calculator helps you determine if the long-term savings outweigh the upfront costs (closing costs) of securing a new mortgage rate.
Key Definitions
- Remaining Loan Balance: The total amount you still owe on your current mortgage.
- New Interest Rate: The annual percentage rate offered by your new lender.
- Closing Costs: Fees paid at the end of the transaction, typically including appraisal, title insurance, and origination fees (usually 2-5% of the loan amount).
- Break-Even Point: The number of months it takes for your monthly savings to cover the total cost of the refinance.
Example Scenario
Imagine you have a $300,000 balance on a loan with a monthly payment of $1,800. If you refinance into a new 30-year loan at 4.5% interest with $5,000 in closing costs:
- Your new monthly payment would be approximately $1,520.06.
- Your monthly savings would be $279.94.
- Your break-even point would be roughly 18 months.
In this case, if you plan to stay in the home for more than 1.5 years, refinancing is likely a sound financial move.