FINANCIAL · REFINANCE
Refinance Calculator
See if refinancing makes sense — compare your current mortgage to a new loan, calculate your break-even point, and total savings.
| Category | Amount | Percentage |
|---|---|---|
| New Total Interest | $231,677 | 95.2% |
| Interest Saved | $11,719 | 4.8% |
| Period | Cumulative Savings |
|---|---|
| Mo 6 | $-1,327 |
| Yr 1 | $347 |
| Yr 2 | $3,693 |
| Yr 3 | $7,040 |
| Yr 4 | $10,386 |
| Yr 5 | $13,733 |
| Yr 6 | $17,079 |
| Yr 7 | $20,426 |
| Yr 8 | $23,772 |
| Yr 9 | $27,119 |
| Yr 10 | $30,466 |
| Yr 11 | $33,812 |
| Yr 12 | $37,159 |
| Yr 13 | $40,505 |
| Yr 14 | $43,852 |
| Yr 15 | $47,198 |
| Yr 16 | $50,545 |
| Yr 17 | $53,892 |
| Yr 18 | $57,238 |
| Yr 19 | $60,585 |
| Yr 20 | $63,931 |
| Yr 21 | $67,278 |
| Yr 22 | $70,624 |
| Yr 23 | $73,971 |
| Yr 24 | $77,317 |
| Yr 25 | $80,664 |
| Yr 26 | $84,011 |
| Yr 27 | $87,357 |
| Yr 28 | $90,704 |
| Yr 29 | $94,050 |
| Yr 30 | $97,397 |
| Current Loan | New Loan | |
|---|---|---|
| Monthly Payment | $1,477.98 | $1,199.10 |
| Total Interest | $243,396.34 | $231,677.04 |
About This Calculator
Determine whether refinancing your mortgage will save you money. Enter your current loan details and proposed new terms to see your monthly savings, total interest savings, and how long it takes to break even on closing costs.
How It Works
Enter your remaining loan balance, current interest rate, and months left on your existing loan. Then enter the new rate, new term, and any closing costs you will pay upfront. The calculator computes your new monthly payment, your monthly savings, how many months until your savings cover the closing costs (break-even), and your net lifetime savings after accounting for closing costs.
The Formula
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ−1] Break-even = ⌈closing costs ÷ (current M − new M)⌉
- M
- monthly payment
- P
- remaining loan balance
- r
- monthly rate (APR ÷ 12)
- n
- term in months
- Break-even
- months until cumulative savings cover closing costs
Frequently Asked Questions
- When does refinancing make sense?
- Refinancing typically makes sense when you can lower your rate by at least 0.5–1%, plan to stay in the home past the break-even point, and the lifetime savings outweigh the closing costs.
- What are typical refinance closing costs?
- Closing costs usually run 2–5% of the loan balance and cover appraisal, title insurance, origination fees, and other lender charges. Some lenders offer no-closing-cost refinances with a slightly higher rate.
- Should I extend my loan term when refinancing?
- Extending the term lowers your monthly payment but increases total interest paid — you restart the amortization clock. Refinancing to a shorter term costs more per month but saves significantly on interest and pays off the loan sooner.