A refinance calculator is an important tool for homeowners considering refinancing their mortgage. It helps you evaluate potential savings by comparing your current loan terms with new options, allowing you to see how changes in interest rates, loan amounts, and durations can affect your monthly payments and overall costs. By inputting different scenarios, you can identify the most beneficial refinancing strategies, whether you're aiming to lower your payment, shorten your loan term, or access equity. This clarity enables you to make informed decisions, ensuring that your refinancing aligns with your financial goals and maximizes your savings.