Refinance Calculator
Compare your current loan against a refinanced one side by side: new monthly payment, monthly savings, total interest under each loan, and how many months it takes the savings to repay points and closing costs.
TheCalculators — Refinance Calculator
Printed thecalculators.com
Monthly Savings
$100.60
$1,938.25 → $1,837.65 · break-even in 65 months
- Current Payment
- $1,938.25
- New Payment
- $1,837.65
- New Loan Amount (with costs + cash out)
- $256,500
- Upfront Costs (points + fees)
- $6,500
- Total Interest — Old Loan
- $215,179
- Total Interest — New Loan
- $184,535
- Lifetime Interest Difference
- -$30,644
- Break-Even
- 65 mo (5.4 yr)
New loan schedule (annual)
Rule of thumb: refinancing makes sense if you will keep the loan past the break-even point. Stretching a shorter remaining term over a long new term can lower payments while raising lifetime interest.
Most useful next
Formula
Break-even months = (points + fees) / monthly savings; New payment amortizes balance + costs + cash out
Pro tips
- • A 1% rate drop is usually worth exploring; below 0.5%, closing costs often outweigh the savings.
- • Re-amortizing over a fresh 30-year term can increase total interest even with a lower rate.
FAQ
Related Calculators
More Finance tools you might need.
Mortgage Calculator
Estimate monthly mortgage payments with taxes, insurance and full amortization schedule.
CalculateMortgage Payoff Calculator
See how extra monthly, annual or biweekly payments pay off your mortgage years early and cut total interest.
CalculateAPR Calculator
Reveal the real APR of a loan once upfront fees and points are included.
CalculateHELOC Calculator
Interest-only draw payments vs full amortizing repayment on a home equity line.
Calculate