A refinance calculator is a tool that helps you estimate your potential savings and new loan terms if you choose to refinance an existing loan, like a mortgage or an auto loan.

Yes, you can typically refinance your mortgage. A refinance calculator helps you see if it’s financially beneficial by comparing your current loan to potential new ones.

You enter details about your current loan (like the balance and interest rate) and information about a potential new loan (like the new rate and term), and the calculator estimates the new monthly payment and potential savings.

You should consider refinancing when interest rates are lower than your current rate, or if you want to change the loan term (e.g., from 30 years to 15 years) or access home equity through a cash-out refinance.

A cash-out refinance is when you take out a new loan for more than what you currently owe on your home, and you receive the difference in cash. The calculator helps estimate the new payment based on the larger loan amount.

The amount you’ll save is calculated by comparing your current monthly payments and total interest to the estimated new monthly payments and total interest over the life of the new loan. The calculator provides this estimate.

Yes, this calculator is designed to assist with estimates for various types of refinances, including mortgage refinance, auto/car loan refinance, and calculations for options like FHA, VA, and cash-out refinances.

A refinance break-even calculator tells you how long it will take for the savings from your new, lower interest rate to cover the cost of refinancing (closing costs).

Yes, many refinance calculators, including those for mortgages, allow you to input closing costs so that the total cost of the refinance can be factored into the savings and break-even analysis.