Can I use this calculator for auto loans or student loans, or is it only for mortgages?

The tool works for any amortizing loan where you know the principal, interest rate, and remaining term, including auto, personal, and student loans, not just mortgages.

What if I don't know the exact new interest rate I’ll qualify for?

You can run multiple scenarios by adjusting the interest rate slider to see how different rates affect your monthly payment and total savings, helping you gauge whether refinancing is worth pursuing.

Does the calculator factor in closing costs or points paid to the lender?

No, the basic version focuses on interest and term changes; you should add estimated closing costs separately and compare them against the monthly savings to find your true break-even point.

How accurate are the savings numbers compared to what a bank will actually offer?

The numbers are mathematical projections based on your inputs; actual offers from lenders will depend on your credit profile, full documentation, and current market rates, so use the results as a planning tool rather than a guaranteed quote.

Loans & MortgagesTool Review

Refinance Calculator

Provided byOmni Calculatoromnicalculator.com

Apply the refinance calculator to compare your current loan with a potential refinance option.

One of 3 options for Refinance Calculator

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Screenshot of Refinance Calculator on Omni Calculator — omnicalculator.comOpen the live tool →

About this tool

What Refinance Calculator does

A refinance calculator helps you determine whether switching your current loan to a new one makes financial sense. You enter your existing loan details—principal, interest rate, and remaining term—along with the proposed new rate and term. The tool then computes the new monthly payment, total interest savings, and the break-even point where refinance costs are recovered. It is designed to replace guesswork with concrete numbers so you can see at a glance if refinancing lowers your monthly outflow or shortens your payoff timeline.

Step by step

How to use the Omni Calculator Refinance Calculator

1
Input your current loan's principal balance, interest rate, and remaining months
2
Enter the proposed new interest rate and desired new loan term
3
Review the calculated new monthly payment and total interest savings
4
Compare the break-even point against your plans to stay in the home or keep the loan

Is it right for you

Best for

Homeowners or borrowers with existing loans who are considering a lower interest rate or shorter term and want a quick, side-by-side financial comparison before contacting lenders.

Limitations

Assumes a fixed rate for the new loan and does not include closing costs or fees in the calculation
Results are estimates based on the numbers entered and actual lender terms may vary
Does not account for changes in property value or private mortgage insurance adjustments

Questions

Refinance Calculator FAQ

Can I use this calculator for auto loans or student loans, or is it only for mortgages?: The tool works for any amortizing loan where you know the principal, interest rate, and remaining term, including auto, personal, and student loans, not just mortgages.
What if I don't know the exact new interest rate I’ll qualify for?: You can run multiple scenarios by adjusting the interest rate slider to see how different rates affect your monthly payment and total savings, helping you gauge whether refinancing is worth pursuing.
Does the calculator factor in closing costs or points paid to the lender?: No, the basic version focuses on interest and term changes; you should add estimated closing costs separately and compare them against the monthly savings to find your true break-even point.
How accurate are the savings numbers compared to what a bank will actually offer?: The numbers are mathematical projections based on your inputs; actual offers from lenders will depend on your credit profile, full documentation, and current market rates, so use the results as a planning tool rather than a guaranteed quote.

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