Refinance Calculator
Compare your current mortgage to a new loan. See how much you could save monthly and over the life of the loan.
Current Loan
New Loan
Additional cash taken at closing
Monthly Savings
$279
per month
Break-Even
18
months (1.5 years)
Interest Saved
$14,527
less interest
| Current Loan | New Loan | |
|---|---|---|
| Monthly P&I | $2,523 | $2,244 |
| Interest Rate | 7.5% | 6.5% |
| Term Remaining | 27 years | 30 years |
| Total Remaining Payments | $817,311 | $807,784 |
| Total Interest | $467,311 | $452,784 |
| Financed Closing Costs | — | $5,000 |
| Estimated Net Savings | $9,527 |
The estimated monthly payment is lower
The estimated monthly P&I is $279 lower. The estimate also shows $9,527 lower in remaining payments. The simple closing-cost break-even point is 18 months (1.5 years).
Estimated net savings compares remaining payments. It subtracts cash-out proceeds from the new-loan cash-flow cost. It does not subtract financed closing costs a second time because the new-loan payments already include them. Estimate only. Payment and total remaining payment figures include principal and interest only. They exclude property taxes, homeowners insurance, mortgage insurance, HOA or condo dues, and other housing costs. This calculator assumes that closing costs are added to the new loan amount. Adding closing costs increases the payment and reduces equity. Cash out also increases the loan balance. The break-even estimate divides financed closing costs by monthly principal-and-interest savings. It does not compare loan balances or equity at the break-even month. Compare official Loan Estimates and confirm the cash to close, APR, and total payments. This calculator is not a loan offer.
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