Free Mortgage Refinance Calculator
Calculate your potential savings from mortgage refinancing with our free calculator. See if refinancing makes financial sense for you. Your path to smarter refinancing starts here!
Current 30-Year Fixed Rate Mortgage
6.170%as of Oct 30, 2025
Source: Freddie Mac PMMS | Updated weekly (Thursday)
Should You Refinance Your Mortgage?
With current mortgage rates shown above, it might be the perfect time to check if refinancing could save you money. Our free refinance calculator helps you:
- Calculate your potential monthly savings from refinancing
- Determine your break-even point on closing costs
- Compare different refinance scenarios side-by-side
- Make an informed refinancing decision based on real data
How to Use the Refinance Calculator
Our mortgage refinance calculator is simple to use. Just enter your current loan details and the new refinancing terms you're considering:
- Remaining Loan Principal: The current balance on your mortgage
- Current Interest Rate: Your existing mortgage rate
- Loan Term: Years remaining on your current mortgage
- Market Interest Rate: The new rate you're considering (we provide the current national average)
- Closing Costs: The costs associated with refinancing
The calculator will instantly show you whether refinancing makes sense and how much you could save.
When Does Refinancing Make Sense?
Mortgage refinancing can be beneficial when:
- Current mortgage rates are at least 0.5-1% lower than your existing rate
- Your monthly savings justify the closing costs within a reasonable timeframe
- You plan to stay in your home long enough to reach the break-even point
- Your credit score has improved since obtaining your original mortgage
- You want to switch from an adjustable-rate to a fixed-rate mortgage for stability
Use our refinance calculator above to see if refinancing is right for your situation.