TryClearTally
Printed July 3, 2026 · https://trycleartally.com/refinance-calculator
Estimates for educational purposes only — not financial advice. See https://trycleartally.com/disclaimer.
Refinance Calculator
Compare your current mortgage to a new refinanced loan to see your monthly savings, lifetime interest savings, and break-even point on closing costs.
Reviewed by the TryClearTally editorial team · Last updated June 28, 2026 · Methodology & sources
Today's Rates
Sources: Federal Reserve Economic Data (FRED), Finnhub. For reference only — not a rate quote or investment advice.
Current loan
New loan
Prefilled with today's average 30-yr rate (FRED).
New payment
$1,756.92
Current payment
$1,962.53
Monthly savings
$205.61
Break-even on closing costs
25 months
Lifetime interest savings
$3,370
Current vs. refinanced balance
Refinance Comparison Worksheet
New monthly payment
$1,756.92
Calculated using the standard formulas described at https://trycleartally.com/methodology — for educational estimates only, not a quote or financial advice. Verify with your lender or financial institution before making decisions.
How it works
We calculate your current loan's remaining payment using its balance, rate, and remaining term, then compare it to a new loan amortized over your chosen new rate and term. Break-even is the number of months of payment savings it takes to recoup your closing costs.
Example: refinancing a $280,000 balance from 7.2% to 6.2% over a new 30-year term can save roughly $180/month, recouping $5,000 in closing costs in under three years.
FAQ
Generally when the new rate is meaningfully lower than your current rate, you plan to stay in the home longer than the break-even period on closing costs, and/or you want to change your loan term or switch from an adjustable to a fixed rate.