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Use this calculator to find out how much you could save on your monthly payment and determine your break-even point—the point when you would start saving money after offsetting the total costs and fees associated with a refinance loan.

This calculator is for general education purposes only and is not an illustration of current Navy Federal products and offers.

Explanation of Terms

Break-Even Point: The break-even point is the number of months it will take for the amount you'll save each month to equal the cost to refinance your home.

For example, if closing costs and fees to refinance your home are $4,000 and you would save $200 a month compared with your current loan, it would take 20 months to break even.

Cash-Out Amount: When you refinance your existing mortgage into a new loan that is larger than your current outstanding loan balance, you can take the difference between your old loan and new loan in cash by using the equity in your home. This is known as the cash-out amount. 

Home Equity: Your home's equity is the difference between how much your home is worth and how much you owe on your mortgage.

Amortization: Amortization refers to the process of paying off your home loan in regular monthly payments over a fixed period of time.

Term: The length of a loan, usually measured in years.

More About Mortgage Refinancing

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Refinancing your home follows similar steps to purchasing your home. Learn what documents you need, what costs to expect, and how long each step should take.

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Visit our Mortgage FAQs section to learn answers to common questions.

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More About Mortgages

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Our great mortgage rates will bring you home. We've got options for military members, first-time homebuyers or those looking to refinance.

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Mortgage Calculators

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This content is intended to provide general information and shouldn't be considered legal, tax or financial advice. It's always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.