Refinance Calculator
Compare the loan you have against the one you're considering. The number most people skip is the break-even: how many months of savings it takes to pay back what the refinance costs you up front. If you're planning to sell or refinance again before then, the lower payment isn't the win it looks like.
Your estimate
Estimated monthly savings
+$443.33
Comparing $3,160.34 against your current $3,603.67.
- New monthly payment
- $3,160.34
- Principal and interest only.
- Current monthly payment
- $3,603.67
- Estimated from your balance, rate, and years left.
- Break-even on closing costs
- 1 year, 2 months
- How long the savings take to cover $6,000 in costs.
- Interest left on your current loan
- $667,589
- Over the 27 years you entered.
- Interest on the new loan
- $637,722
- Over its full 30 years.
The break-even is the number that matters most: closing costs divided by the monthly savings. If you might sell or refinance again before you reach it, the lower payment hasn't actually paid for itself.
This assumes the new loan is for your current balance, with costs paid at closing. Rolling costs into the loan, taking cash out, or dropping mortgage insurance all change the math — and cash-flow refinances are often about more than the payment. Send me your current statement and I'll run it properly.
If a lender has already sent you a Loan Estimate, the closing costs on it are real figures rather than the estimate you typed above. Send it over and I'll read the whole form — including what it works out to over the time you plan to keep the loan.
About these estimates
This calculator is a planning tool. It is not a loan offer, a rate quote, a pre-approval, or a decision about what you qualify for. The rate, term, taxes, insurance, and fees it uses are the ones shown or that you enter — they are for illustration and are not quoted terms.
Estimates exclude mortgage insurance and lender-specific fees unless you enter them, and they assume a fixed rate for the full term. Your actual payment, costs, and eligibility depend on the lender, the property, your credit and income, and a complete application. Before you make a decision on any of these numbers, let's talk through them together.