Finance Tools
Refinance Calculator
Compare your current mortgage with a new refinance offer and see monthly savings, total interest saved, and breakeven point.
Compare your current mortgage with a new refinance offer. See your new payment, monthly savings, total interest saved, and how long it takes to break even on closing costs.
How to use this refinance calculator
- Enter your remaining loan balance on the current mortgage.
- Enter your current interest rate and the remaining term in years.
- Enter the new refinance interest rate and the new term in years.
- Add estimated closing costs for the refinance (if any).
- Click Calculate to see the new payment, monthly savings, total interest saved, and how many months it takes to break even on closing costs.
Example
For example, suppose you owe $280,000 on your current mortgage at 6.5% with 25 years left. A lender offers a refinance at 5.5% for a new 25-year term with $4,000 in closing costs. This calculator will show you:
- Your current monthly payment vs the new refinanced monthly payment.
- Your monthly savings (or loss) from refinancing.
- Total interest saved over the life of the new loan compared with keeping your current mortgage.
- How many months it takes for your monthly savings to cover the closing costs (the breakeven point).
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