Refinance Calculator

Compare your current mortgage with a refinance: monthly savings, break-even point, and total interest saved.

Your Current Loan

Current Loan Balance ($)

Current Interest Rate (%)

Original Loan Term

Original Loan Amount ($) Optional — for an exact current payment.

Current Monthly Payment — Principal & Interest ($) Optional — copy it from your mortgage statement if you know it.

Payments Already Made (months) How many monthly payments you've made on this loan so far

Current monthly principal & interest$2,851

Remaining term28 yrs (336 payments)

Current payment based onbalance and remaining term

New Refinance Loan

New Interest Rate (%)

New Loan Term

Cash-Out Amount ($) Extra cash borrowed on top of the payoff balance — leave at 0 for a rate-and-term refinance

Closing Costs ($)

Points (%)

Roll Closing Costs Into the Loan

New loan amount$406,000

Points cost$0

Due at closing (upfront)$0

Monthly Costs That Stay the Same Optional — added to both loans for a true total-payment comparison

Property Taxes ($ / yr)

Homeowner's Insurance ($ / yr)

HOA Dues ($ / mo)

Monthly Savings (Principal & Interest)

$352 / mo

CompareCurrentNew

Monthly principal & interest $2,851$2,500

Total monthly payment (with taxes, insurance & HOA) $3,522$3,171

Interest over the remaining life $558,094$493,932

Total cost of the loan (all payments) $958,094$899,932

Paid off in 28 yrs30 yrs

New loan amount: $406,000
Cash-out received: $0
Total refinance costs (closing costs + points): $6,000
Break-even point: 18 months (1 yr 6 mos)
Interest saved: $64,162
Net lifetime savings: $58,162

Estimates only — principal & interest based on the balances, rates, and terms entered. Break-even uses total refinance costs divided by the monthly principal & interest savings. Your actual rate, costs, and approval depend on credit, property, and lender pricing. For exact numbers on your loan, contact me.