{
  "slug": "refinance",
  "title": "Refinance Calculator",
  "heading": "Mortgage Refinance Calculator",
  "category": "financial",
  "url": "https://www.revenuelab.fyi/toolbox/refinance",
  "summary": "Compare your current loan to a new one.",
  "description": "Estimate monthly savings and break-even months when refinancing your mortgage.",
  "formula": null,
  "dateModified": "2026-10-03",
  "run_url": "https://www.revenuelab.fyi/api/public/calc?tool=refinance",
  "inputs": [
    {
      "id": "balance",
      "label": "Current balance",
      "kind": "number",
      "hint": null,
      "default": 250000,
      "unit": "$",
      "min": 0,
      "max": null
    },
    {
      "id": "oldRate",
      "label": "Current rate",
      "kind": "number",
      "hint": null,
      "default": 7.25,
      "unit": "%",
      "min": 0,
      "max": null
    },
    {
      "id": "oldYearsLeft",
      "label": "Years left",
      "kind": "number",
      "hint": null,
      "default": 27,
      "unit": "years",
      "min": 1,
      "max": 50
    },
    {
      "id": "newRate",
      "label": "New rate",
      "kind": "number",
      "hint": null,
      "default": 5.75,
      "unit": "%",
      "min": 0,
      "max": null
    },
    {
      "id": "newYears",
      "label": "New term",
      "kind": "number",
      "hint": null,
      "default": 30,
      "unit": "years",
      "min": 1,
      "max": 50
    },
    {
      "id": "costs",
      "label": "Closing costs",
      "kind": "number",
      "hint": null,
      "default": 4000,
      "unit": "$",
      "min": 0,
      "max": null
    }
  ],
  "outputs": [
    {
      "id": "newPmt",
      "label": "New monthly payment",
      "format": "currency",
      "hint": null,
      "primary": true
    },
    {
      "id": "oldPmt",
      "label": "Old monthly payment",
      "format": "currency",
      "hint": null,
      "primary": false
    },
    {
      "id": "savings",
      "label": "Monthly savings",
      "format": "currency",
      "hint": null,
      "primary": false
    },
    {
      "id": "breakeven",
      "label": "Break-even (months)",
      "format": "number",
      "hint": null,
      "primary": false
    }
  ],
  "worked_example": {
    "inputs": [
      "Current balance: 250000 $",
      "Current rate: 7.25 %",
      "Years left: 27 years",
      "New rate: 5.75 %",
      "New term: 30 years",
      "Closing costs: 4000 $"
    ],
    "outputs": [
      "New monthly payment: $1,458.93",
      "Old monthly payment: $1,760.48",
      "Monthly savings: $301.55",
      "Break-even (months): 13.26"
    ]
  },
  "how_to": {
    "title": "How to use this",
    "steps": [
      "Enter current balance ($).",
      "Enter current rate (%).",
      "Enter years left (years).",
      "Enter new rate (%).",
      "Enter new term (years).",
      "Enter closing costs ($).",
      "Read your new monthly payment on the right — it updates as you type.",
      "Hit Share to keep the scenario or send it to someone."
    ]
  },
  "scenarios": [
    {
      "name": "Conservative",
      "description": "Lower-end numbers — what if things land soft?",
      "values": {
        "balance": 150000,
        "oldRate": 4.35,
        "oldYearsLeft": 16,
        "newRate": 3.4499999999999997,
        "newYears": 18,
        "costs": 2400
      }
    },
    {
      "name": "Typical",
      "description": "Defaults — the most common real-world setup.",
      "values": {
        "balance": 250000,
        "oldRate": 7.25,
        "oldYearsLeft": 27,
        "newRate": 5.75,
        "newYears": 30,
        "costs": 4000
      }
    },
    {
      "name": "Ambitious",
      "description": "Higher-end numbers — what if things really pop?",
      "values": {
        "balance": 400000,
        "oldRate": 11.600000000000001,
        "oldYearsLeft": 43,
        "newRate": 9.200000000000001,
        "newYears": 48,
        "costs": 6400
      }
    }
  ],
  "limitations": [
    "Results are estimates before tax, fees, and inflation unless an input explicitly covers them.",
    "Rates are treated as fixed for the whole period — variable-rate products will drift from this projection.",
    "This is educational maths, not financial advice. Check anything contractual with the lender or your accountant."
  ],
  "faq": [
    {
      "q": "How does the mortgage refinance calculator work?",
      "a": "Estimate monthly savings and break-even months when refinancing your mortgage."
    },
    {
      "q": "What do I need to enter?",
      "a": "6 values: current balance, current rate, years left, new rate, new term, and closing costs. Each field starts with a sensible default, so you can change one number at a time and watch the result move."
    },
    {
      "q": "What does the new monthly payment result mean?",
      "a": "It is returned as a money amount in US dollars and updates live as you edit the inputs, so you can compare two or three versions of a scenario in a few seconds."
    },
    {
      "q": "Is this calculator free, and do I need an account?",
      "a": "Yes, it's free, and no account is required. Nothing you type is stored on our servers — the maths runs entirely in your browser."
    },
    {
      "q": "How accurate is the result?",
      "a": "It applies the standard formula exactly, so the arithmetic is precise. Results are estimates before tax, fees, and inflation unless an input explicitly covers them."
    },
    {
      "q": "Who is this tool for?",
      "a": "It's built for anyone comparing money scenarios before committing — budgeting a payment, sanity-checking a quote, or seeing what a change in rate or term actually costs."
    }
  ],
  "related": [
    "https://www.revenuelab.fyi/toolbox/mortgage",
    "https://www.revenuelab.fyi/toolbox/amortization"
  ],
  "license": "CC-BY-4.0",
  "citation": "RevenueLab — Refinance Calculator (https://www.revenuelab.fyi/toolbox/refinance)"
}