# Refinance Calculator

> Determine if refinancing your mortgage or loan makes financial sense.

Page: https://askcalculators.com/calculator/refinance-calculator/
Definition: https://askcalculators.com/calculator/refinance-calculator/definition.json
JSON Schema: https://askcalculators.com/calculator/refinance-calculator/schema.json
Version: 7.0.0
Maintained by: AskCalculators (software project; not a credentialed reviewer)
Qualified review: pending. Automated checks do not establish professional approval.
Page status: Live
Review status: Pending

## Use
Open the calculator page and enter values. Query-string parameters can restore and bookmark a calculation.
Example: https://askcalculators.com/calculator/refinance-calculator/?loanAmount=200000&currentRate=6.5&currentTerm=30&yearsPaid=5&newRate=5&newTerm=25&closingCosts=4000

## Inputs
- loanAmount: Remaining Balance; type=number; optional; default=200000
- currentRate: Current Interest Rate; type=number; optional; default=6.5
- currentTerm: Original Term (Yrs); type=number; optional; default=30
- yearsPaid: Years Paid; type=number; optional; default=5
- newRate: New Interest Rate; type=number; optional; default=5
- newTerm: New Term (Years); type=number; optional; default=25
- closingCosts: Closing Costs; type=number; optional; default=4000

## Outputs
- result: Result; format=text; primary

## Formula
Current and new loan payments use the installment formula; monthly savings = old payment − new payment and break-even months = closing costs ÷ monthly savings.

## Rules
- Empty optional inputs are undefined, not zero.
- Hidden conditional inputs are ignored.
- Do not invent missing required inputs.