2026-08-07 10 min
Refinance Calculator
Free refinance calculator to compare your current loan with a refinanced loan. Calculate monthly savings, the break-even point, total cost over the term, and cash-out options for mortgages, auto loans, and personal loans.
Calculator
Current loan
I know my
Remaining balance Original loan amount
Remaining balance
$
Monthly payment
$
Interest rate
%
New loan
New loan term years
Interest rate
%
Points
%
Costs and fees
$
Cash out amount
$
Comparison:Current: $1,193.54/moNew: $1,175.32/moSave $18.22/moBreak-even: 274.5 mo (22.9 yrs)
Comparison Results
Current Loan
| Monthly Payment | $1,193.54 |
| Total Remaining | $358,062.00 |
| Total Interest | $158,062.00 |
New Loan
| Monthly Payment | $1,175.32 |
| Total Payments | $423,116.36 |
| Total Interest | $216,116.36 |
Savings Summary
| Monthly Payment (Current) | $1,193.54 |
| Monthly Payment (New) | $1,175.32 |
| Monthly Savings | $18.22 |
| Total Interest (Current) | $158,062.00 |
| Total Interest (New) | $216,116.36 |
| Total Savings | -$65,054.36 |
| Break-even Point | 274.5 months (22.9 years) |
It will take 274 months to recoup refinancing costs. You need to keep this loan for at least 22.9 years for refinancing to be beneficial.
Amortization schedule
Balance Interest Payment
View:
| Month | Interest | Principal | Ending Balance |
|---|---|---|---|
| 1 | $948.75 | $226.57 | $206,773.43 |
| 2 | $947.71 | $227.61 | $206,545.82 |
| 3 | $946.67 | $228.65 | $206,317.16 |
| 4 | $945.62 | $229.70 | $206,087.46 |
| 5 | $944.57 | $230.76 | $205,856.70 |
| 6 | $943.51 | $231.81 | $205,624.89 |
| 7 | $942.45 | $232.88 | $205,392.01 |
| 8 | $941.38 | $233.94 | $205,158.07 |
| 9 | $940.31 | $235.02 | $204,923.05 |
| 10 | $939.23 | $236.09 | $204,686.96 |
| 11 | $938.15 | $237.17 | $204,449.79 |
| 12 | $937.06 | $238.26 | $204,211.52 |
| End of year 1 | |||
| 13 | $935.97 | $239.35 | $203,972.17 |
| 14 | $934.87 | $240.45 | $203,731.72 |
| 15 | $933.77 | $241.55 | $203,490.17 |
| 16 | $932.66 | $242.66 | $203,247.51 |
| 17 | $931.55 | $243.77 | $203,003.74 |
| 18 | $930.43 | $244.89 | $202,758.85 |
| 19 | $929.31 | $246.01 | $202,512.83 |
| 20 | $928.18 | $247.14 | $202,265.69 |
| 21 | $927.05 | $248.27 | $202,017.42 |
| 22 | $925.91 | $249.41 | $201,768.01 |
| 23 | $924.77 | $250.55 | $201,517.46 |
| 24 | $923.62 | $251.70 | $201,265.76 |
| End of year 2 | |||
| 25 | $922.47 | $252.86 | $201,012.90 |
| 26 | $921.31 | $254.01 | $200,758.89 |
| 27 | $920.14 | $255.18 | $200,503.71 |
| 28 | $918.98 | $256.35 | $200,247.36 |
| 29 | $917.80 | $257.52 | $199,989.84 |
| 30 | $916.62 | $258.70 | $199,731.14 |
| 31 | $915.43 | $259.89 | $199,471.25 |
| 32 | $914.24 | $261.08 | $199,210.17 |
| 33 | $913.05 | $262.28 | $198,947.89 |
| 34 | $911.84 | $263.48 | $198,684.41 |
| 35 | $910.64 | $264.69 | $198,419.73 |
| 36 | $909.42 | $265.90 | $198,153.83 |
| End of year 3 | |||
| 37 | $908.21 | $267.12 | $197,886.71 |
| 38 | $906.98 | $268.34 | $197,618.37 |
| 39 | $905.75 | $269.57 | $197,348.79 |
| 40 | $904.52 | $270.81 | $197,077.99 |
| 41 | $903.27 | $272.05 | $196,805.94 |
| 42 | $902.03 | $273.30 | $196,532.64 |
| 43 | $900.77 | $274.55 | $196,258.09 |
| 44 | $899.52 | $275.81 | $195,982.28 |
| 45 | $898.25 | $277.07 | $195,705.21 |
| 46 | $896.98 | $278.34 | $195,426.87 |
| 47 | $895.71 | $279.62 | $195,147.26 |
| 48 | $894.42 | $280.90 | $194,866.36 |
| End of year 4 | |||
| 49 | $893.14 | $282.19 | $194,584.17 |
| 50 | $891.84 | $283.48 | $194,300.69 |
| 51 | $890.54 | $284.78 | $194,015.91 |
| 52 | $889.24 | $286.08 | $193,729.83 |
| 53 | $887.93 | $287.39 | $193,442.44 |
| 54 | $886.61 | $288.71 | $193,153.72 |
| 55 | $885.29 | $290.04 | $192,863.69 |
| 56 | $883.96 | $291.36 | $192,572.32 |
| 57 | $882.62 | $292.70 | $192,279.62 |
| 58 | $881.28 | $294.04 | $191,985.58 |
| 59 | $879.93 | $295.39 | $191,690.19 |
| 60 | $878.58 | $296.74 | $191,393.45 |
| End of year 5 | |||
| 61 | $877.22 | $298.10 | $191,095.35 |
| 62 | $875.85 | $299.47 | $190,795.88 |
| 63 | $874.48 | $300.84 | $190,495.03 |
| 64 | $873.10 | $302.22 | $190,192.81 |
| 65 | $871.72 | $303.61 | $189,889.21 |
| 66 | $870.33 | $305.00 | $189,584.21 |
| 67 | $868.93 | $306.40 | $189,277.81 |
| 68 | $867.52 | $307.80 | $188,970.01 |
| 69 | $866.11 | $309.21 | $188,660.80 |
| 70 | $864.70 | $310.63 | $188,350.18 |
| 71 | $863.27 | $312.05 | $188,038.12 |
| 72 | $861.84 | $313.48 | $187,724.64 |
| End of year 6 | |||
| 73 | $860.40 | $314.92 | $187,409.72 |
| 74 | $858.96 | $316.36 | $187,093.36 |
| 75 | $857.51 | $317.81 | $186,775.55 |
| 76 | $856.05 | $319.27 | $186,456.28 |
| 77 | $854.59 | $320.73 | $186,135.55 |
| 78 | $853.12 | $322.20 | $185,813.35 |
| 79 | $851.64 | $323.68 | $185,489.67 |
| 80 | $850.16 | $325.16 | $185,164.51 |
| 81 | $848.67 | $326.65 | $184,837.85 |
| 82 | $847.17 | $328.15 | $184,509.70 |
| 83 | $845.67 | $329.65 | $184,180.05 |
| 84 | $844.16 | $331.16 | $183,848.89 |
| End of year 7 | |||
| 85 | $842.64 | $332.68 | $183,516.20 |
| 86 | $841.12 | $334.21 | $183,182.00 |
| 87 | $839.58 | $335.74 | $182,846.26 |
| 88 | $838.05 | $337.28 | $182,508.98 |
| 89 | $836.50 | $338.82 | $182,170.15 |
| 90 | $834.95 | $340.38 | $181,829.78 |
| 91 | $833.39 | $341.94 | $181,487.84 |
| 92 | $831.82 | $343.50 | $181,144.34 |
| 93 | $830.24 | $345.08 | $180,799.26 |
| 94 | $828.66 | $346.66 | $180,452.60 |
| 95 | $827.07 | $348.25 | $180,104.35 |
| 96 | $825.48 | $349.84 | $179,754.50 |
| End of year 8 | |||
| 97 | $823.87 | $351.45 | $179,403.06 |
| 98 | $822.26 | $353.06 | $179,050.00 |
| 99 | $820.65 | $354.68 | $178,695.32 |
| 100 | $819.02 | $356.30 | $178,339.02 |
| 101 | $817.39 | $357.94 | $177,981.08 |
| 102 | $815.75 | $359.58 | $177,621.50 |
| 103 | $814.10 | $361.22 | $177,260.28 |
| 104 | $812.44 | $362.88 | $176,897.40 |
| 105 | $810.78 | $364.54 | $176,532.86 |
| 106 | $809.11 | $366.21 | $176,166.64 |
| 107 | $807.43 | $367.89 | $175,798.75 |
| 108 | $805.74 | $369.58 | $175,429.17 |
| End of year 9 | |||
| 109 | $804.05 | $371.27 | $175,057.90 |
| 110 | $802.35 | $372.97 | $174,684.92 |
| 111 | $800.64 | $374.68 | $174,310.24 |
| 112 | $798.92 | $376.40 | $173,933.84 |
| 113 | $797.20 | $378.13 | $173,555.71 |
| 114 | $795.46 | $379.86 | $173,175.85 |
| 115 | $793.72 | $381.60 | $172,794.25 |
| 116 | $791.97 | $383.35 | $172,410.90 |
| 117 | $790.22 | $385.11 | $172,025.79 |
| 118 | $788.45 | $386.87 | $171,638.92 |
| 119 | $786.68 | $388.64 | $171,250.28 |
| 120 | $784.90 | $390.43 | $170,859.85 |
| End of year 10 | |||
| 121 | $783.11 | $392.22 | $170,467.64 |
| 122 | $781.31 | $394.01 | $170,073.62 |
| 123 | $779.50 | $395.82 | $169,677.80 |
| 124 | $777.69 | $397.63 | $169,280.17 |
| 125 | $775.87 | $399.46 | $168,880.71 |
| 126 | $774.04 | $401.29 | $168,479.43 |
| 127 | $772.20 | $403.13 | $168,076.30 |
| 128 | $770.35 | $404.97 | $167,671.33 |
| 129 | $768.49 | $406.83 | $167,264.50 |
| 130 | $766.63 | $408.69 | $166,855.80 |
| 131 | $764.76 | $410.57 | $166,445.24 |
| 132 | $762.87 | $412.45 | $166,032.79 |
| End of year 11 | |||
| 133 | $760.98 | $414.34 | $165,618.45 |
| 134 | $759.08 | $416.24 | $165,202.21 |
| 135 | $757.18 | $418.15 | $164,784.06 |
| 136 | $755.26 | $420.06 | $164,364.00 |
| 137 | $753.34 | $421.99 | $163,942.01 |
| 138 | $751.40 | $423.92 | $163,518.09 |
| 139 | $749.46 | $425.87 | $163,092.22 |
| 140 | $747.51 | $427.82 | $162,664.41 |
| 141 | $745.55 | $429.78 | $162,234.63 |
| 142 | $743.58 | $431.75 | $161,802.88 |
| 143 | $741.60 | $433.73 | $161,369.15 |
| 144 | $739.61 | $435.71 | $160,933.44 |
| End of year 12 | |||
| 145 | $737.61 | $437.71 | $160,495.73 |
| 146 | $735.61 | $439.72 | $160,056.01 |
| 147 | $733.59 | $441.73 | $159,614.28 |
| 148 | $731.57 | $443.76 | $159,170.52 |
| 149 | $729.53 | $445.79 | $158,724.73 |
| 150 | $727.49 | $447.83 | $158,276.89 |
| 151 | $725.44 | $449.89 | $157,827.01 |
| 152 | $723.37 | $451.95 | $157,375.06 |
| 153 | $721.30 | $454.02 | $156,921.04 |
| 154 | $719.22 | $456.10 | $156,464.93 |
| 155 | $717.13 | $458.19 | $156,006.74 |
| 156 | $715.03 | $460.29 | $155,546.45 |
| End of year 13 | |||
| 157 | $712.92 | $462.40 | $155,084.05 |
| 158 | $710.80 | $464.52 | $154,619.53 |
| 159 | $708.67 | $466.65 | $154,152.87 |
| 160 | $706.53 | $468.79 | $153,684.09 |
| 161 | $704.39 | $470.94 | $153,213.15 |
| 162 | $702.23 | $473.10 | $152,740.05 |
| 163 | $700.06 | $475.26 | $152,264.79 |
| 164 | $697.88 | $477.44 | $151,787.34 |
| 165 | $695.69 | $479.63 | $151,307.71 |
| 166 | $693.49 | $481.83 | $150,825.88 |
| 167 | $691.29 | $484.04 | $150,341.85 |
| 168 | $689.07 | $486.26 | $149,855.59 |
| End of year 14 | |||
| 169 | $686.84 | $488.49 | $149,367.10 |
| 170 | $684.60 | $490.72 | $148,876.38 |
| 171 | $682.35 | $492.97 | $148,383.41 |
| 172 | $680.09 | $495.23 | $147,888.17 |
| 173 | $677.82 | $497.50 | $147,390.67 |
| 174 | $675.54 | $499.78 | $146,890.89 |
| 175 | $673.25 | $502.07 | $146,388.82 |
| 176 | $670.95 | $504.37 | $145,884.44 |
| 177 | $668.64 | $506.69 | $145,377.75 |
| 178 | $666.31 | $509.01 | $144,868.75 |
| 179 | $663.98 | $511.34 | $144,357.40 |
| 180 | $661.64 | $513.69 | $143,843.72 |
| End of year 15 | |||
| 181 | $659.28 | $516.04 | $143,327.68 |
| 182 | $656.92 | $518.40 | $142,809.28 |
| 183 | $654.54 | $520.78 | $142,288.49 |
| 184 | $652.16 | $523.17 | $141,765.33 |
| 185 | $649.76 | $525.57 | $141,239.76 |
| 186 | $647.35 | $527.97 | $140,711.79 |
| 187 | $644.93 | $530.39 | $140,181.39 |
| 188 | $642.50 | $532.83 | $139,648.57 |
| 189 | $640.06 | $535.27 | $139,113.30 |
| 190 | $637.60 | $537.72 | $138,575.58 |
| 191 | $635.14 | $540.19 | $138,035.39 |
| 192 | $632.66 | $542.66 | $137,492.73 |
| End of year 16 | |||
| 193 | $630.18 | $545.15 | $136,947.59 |
| 194 | $627.68 | $547.65 | $136,399.94 |
| 195 | $625.17 | $550.16 | $135,849.78 |
| 196 | $622.64 | $552.68 | $135,297.10 |
| 197 | $620.11 | $555.21 | $134,741.89 |
| 198 | $617.57 | $557.76 | $134,184.14 |
| 199 | $615.01 | $560.31 | $133,623.82 |
| 200 | $612.44 | $562.88 | $133,060.94 |
| 201 | $609.86 | $565.46 | $132,495.48 |
| 202 | $607.27 | $568.05 | $131,927.43 |
| 203 | $604.67 | $570.66 | $131,356.77 |
| 204 | $602.05 | $573.27 | $130,783.50 |
| End of year 17 | |||
| 205 | $599.42 | $575.90 | $130,207.60 |
| 206 | $596.78 | $578.54 | $129,629.07 |
| 207 | $594.13 | $581.19 | $129,047.88 |
| 208 | $591.47 | $583.85 | $128,464.02 |
| 209 | $588.79 | $586.53 | $127,877.49 |
| 210 | $586.11 | $589.22 | $127,288.27 |
| 211 | $583.40 | $591.92 | $126,696.35 |
| 212 | $580.69 | $594.63 | $126,101.72 |
| 213 | $577.97 | $597.36 | $125,504.37 |
| 214 | $575.23 | $600.09 | $124,904.27 |
| 215 | $572.48 | $602.85 | $124,301.43 |
| 216 | $569.71 | $605.61 | $123,695.82 |
| End of year 18 | |||
| 217 | $566.94 | $608.38 | $123,087.43 |
| 218 | $564.15 | $611.17 | $122,476.26 |
| 219 | $561.35 | $613.97 | $121,862.29 |
| 220 | $558.54 | $616.79 | $121,245.50 |
| 221 | $555.71 | $619.61 | $120,625.88 |
| 222 | $552.87 | $622.45 | $120,003.43 |
| 223 | $550.02 | $625.31 | $119,378.12 |
| 224 | $547.15 | $628.17 | $118,749.95 |
| 225 | $544.27 | $631.05 | $118,118.90 |
| 226 | $541.38 | $633.94 | $117,484.95 |
| 227 | $538.47 | $636.85 | $116,848.10 |
| 228 | $535.55 | $639.77 | $116,208.33 |
| End of year 19 | |||
| 229 | $532.62 | $642.70 | $115,565.63 |
| 230 | $529.68 | $645.65 | $114,919.98 |
| 231 | $526.72 | $648.61 | $114,271.38 |
| 232 | $523.74 | $651.58 | $113,619.80 |
| 233 | $520.76 | $654.57 | $112,965.23 |
| 234 | $517.76 | $657.57 | $112,307.66 |
| 235 | $514.74 | $660.58 | $111,647.08 |
| 236 | $511.72 | $663.61 | $110,983.48 |
| 237 | $508.67 | $666.65 | $110,316.83 |
| 238 | $505.62 | $669.70 | $109,647.12 |
| 239 | $502.55 | $672.77 | $108,974.35 |
| 240 | $499.47 | $675.86 | $108,298.49 |
| End of year 20 | |||
| 241 | $496.37 | $678.96 | $107,619.54 |
| 242 | $493.26 | $682.07 | $106,937.47 |
| 243 | $490.13 | $685.19 | $106,252.28 |
| 244 | $486.99 | $688.33 | $105,563.94 |
| 245 | $483.83 | $691.49 | $104,872.46 |
| 246 | $480.67 | $694.66 | $104,177.80 |
| 247 | $477.48 | $697.84 | $103,479.96 |
| 248 | $474.28 | $701.04 | $102,778.92 |
| 249 | $471.07 | $704.25 | $102,074.66 |
| 250 | $467.84 | $707.48 | $101,367.18 |
| 251 | $464.60 | $710.72 | $100,656.46 |
| 252 | $461.34 | $713.98 | $99,942.48 |
| End of year 21 | |||
| 253 | $458.07 | $717.25 | $99,225.22 |
| 254 | $454.78 | $720.54 | $98,504.68 |
| 255 | $451.48 | $723.84 | $97,780.84 |
| 256 | $448.16 | $727.16 | $97,053.68 |
| 257 | $444.83 | $730.49 | $96,323.18 |
| 258 | $441.48 | $733.84 | $95,589.34 |
| 259 | $438.12 | $737.21 | $94,852.14 |
| 260 | $434.74 | $740.58 | $94,111.55 |
| 261 | $431.34 | $743.98 | $93,367.57 |
| 262 | $427.93 | $747.39 | $92,620.19 |
| 263 | $424.51 | $750.81 | $91,869.37 |
| 264 | $421.07 | $754.26 | $91,115.12 |
| End of year 22 | |||
| 265 | $417.61 | $757.71 | $90,357.40 |
| 266 | $414.14 | $761.19 | $89,596.22 |
| 267 | $410.65 | $764.67 | $88,831.54 |
| 268 | $407.14 | $768.18 | $88,063.37 |
| 269 | $403.62 | $771.70 | $87,291.67 |
| 270 | $400.09 | $775.24 | $86,516.43 |
| 271 | $396.53 | $778.79 | $85,737.64 |
| 272 | $392.96 | $782.36 | $84,955.28 |
| 273 | $389.38 | $785.94 | $84,169.34 |
| 274 | $385.78 | $789.55 | $83,379.79 |
| 275 | $382.16 | $793.17 | $82,586.62 |
| 276 | $378.52 | $796.80 | $81,789.82 |
| End of year 23 | |||
| 277 | $374.87 | $800.45 | $80,989.37 |
| 278 | $371.20 | $804.12 | $80,185.25 |
| 279 | $367.52 | $807.81 | $79,377.44 |
| 280 | $363.81 | $811.51 | $78,565.93 |
| 281 | $360.09 | $815.23 | $77,750.70 |
| 282 | $356.36 | $818.97 | $76,931.73 |
| 283 | $352.60 | $822.72 | $76,109.01 |
| 284 | $348.83 | $826.49 | $75,282.52 |
| 285 | $345.04 | $830.28 | $74,452.25 |
| 286 | $341.24 | $834.08 | $73,618.16 |
| 287 | $337.42 | $837.91 | $72,780.26 |
| 288 | $333.58 | $841.75 | $71,938.51 |
| End of year 24 | |||
| 289 | $329.72 | $845.61 | $71,092.90 |
| 290 | $325.84 | $849.48 | $70,243.42 |
| 291 | $321.95 | $853.37 | $69,390.05 |
| 292 | $318.04 | $857.29 | $68,532.76 |
| 293 | $314.11 | $861.21 | $67,671.55 |
| 294 | $310.16 | $865.16 | $66,806.39 |
| 295 | $306.20 | $869.13 | $65,937.26 |
| 296 | $302.21 | $873.11 | $65,064.15 |
| 297 | $298.21 | $877.11 | $64,187.04 |
| 298 | $294.19 | $881.13 | $63,305.90 |
| 299 | $290.15 | $885.17 | $62,420.73 |
| 300 | $286.10 | $889.23 | $61,531.50 |
| End of year 25 | |||
| 301 | $282.02 | $893.30 | $60,638.20 |
| 302 | $277.93 | $897.40 | $59,740.80 |
| 303 | $273.81 | $901.51 | $58,839.29 |
| 304 | $269.68 | $905.64 | $57,933.65 |
| 305 | $265.53 | $909.79 | $57,023.85 |
| 306 | $261.36 | $913.96 | $56,109.89 |
| 307 | $257.17 | $918.15 | $55,191.74 |
| 308 | $252.96 | $922.36 | $54,269.38 |
| 309 | $248.73 | $926.59 | $53,342.79 |
| 310 | $244.49 | $930.84 | $52,411.95 |
| 311 | $240.22 | $935.10 | $51,476.85 |
| 312 | $235.94 | $939.39 | $50,537.46 |
| End of year 26 | |||
| 313 | $231.63 | $943.69 | $49,593.77 |
| 314 | $227.30 | $948.02 | $48,645.75 |
| 315 | $222.96 | $952.36 | $47,693.39 |
| 316 | $218.59 | $956.73 | $46,736.66 |
| 317 | $214.21 | $961.11 | $45,775.54 |
| 318 | $209.80 | $965.52 | $44,810.03 |
| 319 | $205.38 | $969.94 | $43,840.08 |
| 320 | $200.93 | $974.39 | $42,865.69 |
| 321 | $196.47 | $978.86 | $41,886.84 |
| 322 | $191.98 | $983.34 | $40,903.50 |
| 323 | $187.47 | $987.85 | $39,915.65 |
| 324 | $182.95 | $992.38 | $38,923.27 |
| End of year 27 | |||
| 325 | $178.40 | $996.92 | $37,926.34 |
| 326 | $173.83 | $1,001.49 | $36,924.85 |
| 327 | $169.24 | $1,006.08 | $35,918.77 |
| 328 | $164.63 | $1,010.70 | $34,908.07 |
| 329 | $160.00 | $1,015.33 | $33,892.74 |
| 330 | $155.34 | $1,019.98 | $32,872.76 |
| 331 | $150.67 | $1,024.66 | $31,848.11 |
| 332 | $145.97 | $1,029.35 | $30,818.75 |
| 333 | $141.25 | $1,034.07 | $29,784.68 |
| 334 | $136.51 | $1,038.81 | $28,745.87 |
| 335 | $131.75 | $1,043.57 | $27,702.30 |
| 336 | $126.97 | $1,048.35 | $26,653.95 |
| End of year 28 | |||
| 337 | $122.16 | $1,053.16 | $25,600.79 |
| 338 | $117.34 | $1,057.99 | $24,542.80 |
| 339 | $112.49 | $1,062.84 | $23,479.96 |
| 340 | $107.62 | $1,067.71 | $22,412.26 |
| 341 | $102.72 | $1,072.60 | $21,339.66 |
| 342 | $97.81 | $1,077.52 | $20,262.14 |
| 343 | $92.87 | $1,082.46 | $19,179.69 |
| 344 | $87.91 | $1,087.42 | $18,092.27 |
| 345 | $82.92 | $1,092.40 | $16,999.87 |
| 346 | $77.92 | $1,097.41 | $15,902.46 |
| 347 | $72.89 | $1,102.44 | $14,800.03 |
| 348 | $67.83 | $1,107.49 | $13,692.54 |
| End of year 29 | |||
| 349 | $62.76 | $1,112.57 | $12,579.97 |
| 350 | $57.66 | $1,117.67 | $11,462.30 |
| 351 | $52.54 | $1,122.79 | $10,339.52 |
| 352 | $47.39 | $1,127.93 | $9,211.58 |
| 353 | $42.22 | $1,133.10 | $8,078.48 |
| 354 | $37.03 | $1,138.30 | $6,940.18 |
| 355 | $31.81 | $1,143.51 | $5,796.67 |
| 356 | $26.57 | $1,148.76 | $4,647.91 |
| 357 | $21.30 | $1,154.02 | $3,493.89 |
| 358 | $16.01 | $1,159.31 | $2,334.58 |
| 359 | $10.70 | $1,164.62 | $1,169.96 |
| 360 | $5.36 | $1,169.96 | $0.00 |
Results
Optimal
Monthly Savings
$18.22
Lower payment each month
Current Monthly Payment
$1,193.54
Your payment on the existing loan
New Monthly Payment
$1,175.32
Payment after refinancing, including financed fees
Total Savings
$65,054.36
Total cost rises with the new loan
Break-even Point
274.5 months
Months until savings cover the costs
Current Total Interest
$158,062.00
Interest left on the current and remaining term
New Total Interest
$216,116.36
Interest over the new loan term
Estimates assume fixed rates, on-time payments, and a perfect amortization run. Property taxes, insurance, and HOA costs are not included, and the final terms depend on your credit and the lender.
Visualizations
Interest Comparison
158,062Current Interest
216,116New Interest
New Loan Structure
Principal-4%
Interest104%
Share of Savings from the Rate Drop
Saved0%
Formula
The refinance decision is two loans evaluated on the same annuity math, then compared by monthly payment, life-time totals, and a break-even month. The new loan carries the rate, the term, the financed points and fees, plus any cash-out — exactly what a lender quotes.
PMT = L × i / (1 − (1 + i)^−n)
Alternative Form
Break-even = Costs ÷ (Payment₁ − Payment₂)
Variables
| Symbol | Name | Unit | Description |
|---|---|---|---|
| B | Balance | USD | Amount you still owe on the current loan |
| P₁ | Current payment | USD | Monthly payment today |
| P₂ | New payment | USD | Monthly payment amortization on the new loan |
| i | Monthly rate | decimal | Annual rate / 12 for the new loan |
| n | Number of periods | months | New term in months |
| Fees | Points and fees | USD | Closing costs and points added to the new loan balance |
| B/E | Break-even | months | Total costs divided by the monthly savings |
Explanation
The new-loan payment is computed from the annuity formula over its full term, including the financed fees. The difference against your current payment is the monthly motivation, and dividing the total new costs by that difference gives the month when the switch pays for itself.
Derivation
Current interest is the remaining amortization of the current balance at the current rate for the remaining term. The new loan borrows the remaining balance plus cash-out plus points and fees, and is amortized over the new term. Total required payments on each side are summed; monthly savings is P₁ − P₂; total savings is the difference of the two totals; break-even is the costs divided by monthly savings (when positive).
Step-by-Step Calculation
Follow each step to understand how the result is calculated from your inputs.
Step 1
Establish the current loan situation: balance, rate, and how long it has left.
Current loan = B, r₁, n₁
Balance:$200,000.00
Rate:6.50%
Remaining:300 months
Intermediate: Today: $200,000.00 at 6.50% for 300 months
Result: Your current payment is $1,193.54
Step 2
Model the new loan: rate, a possibly different term, points, and closing fees.
New loan = B + fees + points × B
Fee:$5,000.00
Points:1.00%
Cash-out:$0.00
Intermediate: New balance ≈ $207,000.00
Result: Total financed = $207,000.00
Step 3
Run the amortization on the new loan to find its payment.
PMT_new = L × i₂ / (1 − (1 + i₂)^−n₂)
L:$207,000.00
i₂:5.50%
n₂:30
Intermediate: PMT_new ≈ $1,175.32
Result: New payment = $1,175.32
Step 4
Compare the monthly payments to get your cash-flow savings.
Monthly Savings = Payment₁ − Payment₂
Payment₁:$1,193.54
Payment₂:$1,175.32
Intermediate: Savings = $1,193.54 − $1,175.32
Result: You pay $18.22 less every month
Step 5
Add up the lifetime cost of each path — interest plus principal left.
Total = Payments remaining + (fees)
Current:$358,062.00
New:$423,116.36
Intermediate: Difference = $358,062.00 − $423,116.36
Result: $65,054.36 lost over the new term
Step 6
Divide the costs by the monthly savings to find the break-even.
Break-even = Total Costs ÷ Monthly Savings
Costs:$7,000.00
Monthly Savings:$18.22
Intermediate: Break-even = $7,000.00 ÷ $18.22
Result: 274.5 months — keep the loan that long to profit
Step 7
Compare against your own plans: how long will you honestly keep this loan?
Decision: planned holding period > break-even?
Break-even:274.5 months
Intermediate: Holding past 274.5 months
Result: Refinance may not pay — consider waiting for a better rate
Final Answer
$18.22
Worked Examples
See how the calculator works with different scenarios.
Scenario
A $200,000 balance at 6.5% with 25 years left, refinanced to 5.5% and a fresh 30-year term.
Inputs
Balance:$200,000
Rate now:6.5%
Term now:25 years
New rate:5.5%
New term:30 years
Fees:$5,000
Calculation
P₁ (current) ≈ $1,194/month (6.5%, 25 years left) P₂ (new) ≈ $1,164/month (5.5%, financed fees) Savings = 1193.54 − 1163.97 = $29.57/mo
Result
$30/month savings; break-even ≈ 169 months (~14 years) against $5,000 of fees; the longer 30-year term adds ~$61k of total interest
Interpretation
The fresh 30-year term counters part of the rate drop: the payment falls only $30/month while lifetime interest actually rises. Break-even is ~14 years because the stretched term keeps interest compounding. Keeping the current 25-year remaining term with the lower rate — or choosing 15-20 years — is what pushes real savings.
Understanding Your Result
Your Result: Monthly Savings: $18.22
Typical range: Break-even points on mortgages typically land 2-6 years. A 1% rate drop on $250,000 saves roughly 8-10% of the balance in interest; fees run 2-5% for agencies, 0.2-2% for no-point offers.
What This Means
The dashboard puts the old payment next to the new one, shows the monthly savings (or loss), the total lifetime saving, and — the key line — the break-even month when the fees and points become worth it.
Why It Matters
Refinancing trades money today (fees) for money later (a lower rate). The break-even month separates a smart move from a costly one. Total savings and the monthly cash-flow number together show both sides of that trade.
Professional Interpretation
Underwriting compares the new payment against the current one and the total costs. The decision rule is simple: keep the loan longer than the break-even, and the new terms win. If you may sell or pay off the loan first, the fees are money down a hole.
The break-even trap
Fees $5,000 ÷ $100/month savings sounds like 50 months, but the wizard that blends points and closing fees into the balance is exactly the number the page shows. Add your move-in date; after it, savings ratio flips.
Cash-out math
Cash-out raises the balance dollar-for-dollar, so the payment is really "your new monthly payment" plus what the funds replace. Every dollar you take increases the amount carrying interest for the full new term.
Recommendations
- •Model the break-even with your holding horizon — not your home sale plan
- •Sit with a 15-20-year term for the greatest interest reduction
- •Compare at least 3 Loan Estimates and check every fee line
- •Factor in cash-out debt rates — refinancing consumer debt at higher rates costs more
- •Watch the rate locks expiring; closing before they do protects the quote
- •Re-run the page yearly; the market moves faster than you think
Educational Content
Introduction
Refinancing is replacing a loan with a new one — same debt, new terms. The best-priced versions stack a lower rate on the same balanced term; the break-even math decides if it beats the status quo.
Concept Explanation
Both loans are priced by one rule: each payment is part interest, part principal on a shrinking balance. The refinance model replays that stream twice — once with today's terms, once with the new — and the difference is the decision.
Applications
▸Mortgage refinancing for a lower rate or shorter term
▸Auto-loan refinancing to cut a few hundred off per month
▸Student-loan refinancing models (with the safety consideration of federal benefits)
▸Cash-out mortgage refinancing for home or debt use
▸Personal-loan rate-lock lifting
▸A years-long decision slate: 15, 20, or 30 years
Benefits
- •Straight monthly-savings math and total-interest totals side by side
- •Break-even included — the single cheapest answer to "should I?"
- •Points and fees modeled together
- •Cash-out scenarios comparing the loan with the money freed
Limitations
- •Current loan math uses averages, not your servicer's exact statement
- •ARM and variable-rate resets are not modeled
- •Tax effects of points on homes are excluded
- •The model assumes a perfect term and payment history
- •Rate quotes are static; the market moves between ask and closing
Best Practices
- •Know the break-even before you apply
- •Get quotes from banks, credit unions, and online lenders
- •Review your credit report before the hard pulls
- •Count fees with the rate — the APR is the number to compare
- •Keep the term long enough to stay affordable but short enough to save
Common Misconceptions
Myth: A lower rate is always the win.
Truth: Only if savings arrive before your session ends. When fees dominate, break-even can be a decade away.
Myth: Cash-out is free money.
Truth: Every dollar of cash-out is borrowed, accruing interest for the entire new term.
Myth: Closing fees are the only cost.
Truth: Points, appraisals, title and insurance, and daily accrued interest also end in the new loan.
Myth: The shorter the term the better always.
Truth: A 15-year term doubles the payment unless your budget will carry it. Cheap match to your cash flow is part of the decision.
Practical Tips
- •Ask for the Loan Estimates from at least 3-5 lenders the same day
- •Refinance when your rate gap is at least 0.5-1% or you shave a major part of the term
- •Roll the points and fees into the new loan only if cash flow is tight — account for it anyway
- •Extend the term only when you need the cash room, and know the interest trade
- •Pre-quality to see your real rate range before you pay appraisal
- •Recalculate every 6 months; as months pass the break-even shortens
Common Mistakes
Ignoring the break-even
Break-even is the decision number — compute it from the fees and the monthly savings before you apply.
Mixing points and fees in one line
Enter points as a percent and the closing work as a dollar amount so the model stays honest.
Refinancing from a 5-year loan into 10-year
A longer term inflates total cost. Choose a term no longer than your remaining hold.
Not considering your horizon
If you sell in 3 years, an 8-year break-even is a guaranteed money-loser with the new fees.
Financing cash-out at the same rate
Cash-out targets high-rate debt — use the calculator to see if it beats what that debt would cost.
Only comparing monthly payments
The payment hides the term and the totals. Compare payment + total + break-even together.
Assumptions
This calculator makes the following assumptions to provide estimates:
Fixed-rate loans: Both sides are modeled as fixed-rate; ARMs and step-ups are excluded.
Straight-line amortization: Every payment happens on time for the full term, with no prepayments.
Freshest fee estimate: Points and fees are your closing-rounded numbers — not the marketing quote.
Current balance, current time: Remaining months use the exact inputs; altering the balance changes the break-even.
Limitations
Be aware of these limitations when using this calculator:
Servicer variance: Your servicer may carry a few dollars of daily interest differences vs the model.
No insurance or taxes: Property tax, insurance, and HOA dollars are outside the loan math.
No rate drift: The market rate is fixed once you enter it — real lenders can move during processing.
Personal profile: The actual offer depends on credit score, income documents, and the lender — always confirm before closing.
Frequently Asked Questions
Answers to common questions about this calculator.
What is loan refinancing?
Loan refinancing involves taking out a new loan, usually with more favorable terms, to pay off an existing one. Refinancing is commonly used for home mortgages, auto loans, student loans, and personal loans to secure lower interest rates, reduce monthly payments, or change loan terms.
When should I consider refinancing?
Consider refinancing when interest rates have dropped significantly (typically 1-2% below your current rate), your credit score has improved by 50+ points, you need to lower monthly payments for cash flow reasons, or you want to switch from an adjustable-rate to a fixed-rate loan.
What are typical closing costs for refinancing?
Common refinance costs include application fees (0.5-1% of the loan), appraisals ($300-$500), origination fees or points (0-2% of the loan), title search and insurance ($500-$1,000), document preparation, recording, and inspection fees. Total costs typically run 2-5% of the loan amount.
What is cash-out refinancing?
Cash-out refinancing takes out a new loan for more than the remaining balance of the current loan, with the difference paid to you in cash. It is common with mortgages when you have built equity. The cash can fund improvements, consolidation, or major expenses.
How do I know if refinancing is worth it?
Compare the total remaining cost of the current loan with the total cost of the new loan including fees. Then find the break-even point: divide the total refinance costs by the monthly savings. If you plan to keep the loan past that point, refinancing makes sense.
What is the break-even point in refinancing?
The break-even point is when the monthly savings from refinancing total the cost of refinancing. If refinancing costs $3,000 and saves $150/month, the break-even is 20 months. Keep the loan past 20 months and the savings start outweigh the cost.
How much can I save by refinancing?
Savings depend on the current rate, the new rate, the balance, and the remaining term. A 1% rate cut on a $200,000 30-year mortgage saves roughly $120/month and $40,000+ over the life of the loan. This calculator shows exact monthly and total savings.
Can I refinance with bad credit?
Yes, but options are limited. FHA streamline refinance requires no credit check; some lenders run "no credit check" programs for existing customers. In general a 620+ score is needed for conventional programs, and lower scores mean higher rates.
What credit score do I need to refinance?
Conventional refinancing typically requires 620-640 minimum. FHA refinancing accepts scores as low as 580, VA programs have no official minimum, and USDA requires 640+. Higher scores unlock the best rates.
How does refinancing affect my credit score?
Applying causes a hard inquiry (a temporary 3-7 point drop). Closing the old loan and opening a new one can shorten your average credit age. Steady on-time payments on the new loan will rebuild the score over time.
What is a no-closing-cost refinance?
A no-closing-cost refinance means you pay zero upfront fees; the lender covers costs in exchange for a slightly higher interest rate (typically 0.25-0.5% higher). It helps when you plan to sell or refinance again within a few years.
How long does the refinance process take?
A typical refinance takes 30-45 days from application to closing; mortgages sometimes stretch to 45-60 days for appraisal and underwriting. Auto and personal loan refinances are faster, often 5-14 days, and streamlines close in 2-3 weeks.
Can I refinance student loans?
Yes. Student loan refinancing uses a new private loan to pay off existing student debt (federal or private). A lower rate saves money, but you give up federal benefits like income-driven repayment, deferment, and forgiveness.
What is the difference between rate-and-term and cash-out refinance?
Rate-and-term refinancing changes the interest rate or term without changing the balance. Cash-out refinancing increases the balance to unlock equity as cash. Rate-and-term is for saving money; cash-out is for accessing funds.
Can I refinance an auto loan?
Yes. You take out a new loan at a lower rate to pay off the current auto loan, lowering the monthly payment or shortening the term. Most lenders require the car to be less than 10 years old and to meet mileage limits.
How does refinancing affect my loan term?
Refinancing can reset the term. Recasting a mortgage with 25 years left into a new 30-year term lowers the payment but extends repayment. Shortening the term raises the payment but slashes total interest.
What documents do I need for refinancing?
Standard documents include recent pay stubs (30 days), W-2s and tax returns (2 years), bank statements (2-3 months), the current loan statement, photo ID, proof of home insurance, and authorization for the credit check. Self-employed borrowers need extra paperwork.
Should I refinance to a shorter term?
Going from a 30-year to a 15-year mortgage usually raises the payment but saves a fortune in interest. A $200,000 loan at 6% costs about $231,676 of interest on a 30-year schedule versus $103,788 on a 15-year schedule.
What is APR in refinancing context?
APR (annual percentage rate) folds the interest rate and the fees into one yearly rate, so it is the closest single measure of the true cost for comparing refinance offers. Always compare APR, not just the nominal rate.
How do mortgage points work in refinancing?
Discount points are prepaid interest. One point costs 1% of the loan amount and typically buys a 0.25% rate reduction. On a $200,000 loan one point is $2,000. Points lower the rate but change the effective cost, so they must be folded into the break-even math.
Can I refinance if I am underwater on my loan?
Being underwater (owing more than the property is worth) makes refinancing hard but not impossible. FHA streamline and some portfolio programs can help. A 125% LTV program or appraisal review is rare; often the rate has to fall hard for it to work.
How often can I refinance?
There is no legal limit, but lenders usually want 6-12 months between refinances (a "seasoning" period). FHA requires 210 days between refinances. Frequent refinancing costs money in fees and can drag your score down.
What is the difference between fixed-rate and adjustable-rate refinance?
A fixed-rate refinance locks the rate for the full term. An adjustable-rate refinance (ARM) starts lower but adjusts over time. ARMs can save money before an expected sale or retirement, but they carry future-rate risk.
How do I compare refinance offers from different lenders?
Compare the APR (not the rate alone), total closing costs, monthly payment, term, prepayment penalties, and line-item lender fees. Request a Loan Estimate from 3-5 lenders, then run each offer through this calculator.
What is the impact of fees when I include them in the new loan?
This calculator adds closing costs and points to the new loan balance in the same way lenders commonly structure it. Financing fees keeps more cash in your pocket but raises the amount that accrues interest — the total savings number accounts for it.
How is the current loan balance computed in "original amount" mode?
The engine amortizes the original loan at the rate you entered for the months already paid, derives the remaining balance from that schedule, and pairs it with the current payment match. Enter the original rate and term, plus the time remaining, and it builds your true current situation.
Does a shorter new term always save money?
No. A shorter term nearly always reduces interest, but only if the payment stays affordable. The calculator shows both numbers — payment and total — so you can compare a 15-year and a 30-year refinance side by side.
What if my monthly savings are negative?
A negative monthly savings means the new payment is bigger, often because the term shortened or the rate climbed after credit scoring. The break-even display shows "N/A — No savings", and the calculator still details the difference honestly.
How do points and fees interact?
Points and flat fees both add to the borrowed amount when financed. Points buy a lower exponent rate; fees cover services. The break-even line folds both in — a slower break-even may still be worth it when the rate drop is large.
Why does the calculator show a different interest than my loan servicer?
Loan statements usually display scheduled interest only; this tool models the full remaining amortization of your exact inputs. Rounding in your statements and adjustable-rate resets explain small differences.
What is the best way to model a refinance decision?
Enter your true current balance, rate, payment or remaining term on the current side, then the new rate, term, points, and fees on the new side. Read the total savings and the break-even, and keep the loan past that month for the refinance to pay off.
Why is the pay-off line an estimate?
Lenders can change the rate, fees, or fees as your documents pass disclosure. The payback figure assumes every payment is on time from month one — a small delay moves the date forward.
Is refinancing always a good idea?
No. If the break-even point is after the time you expect to sell, refinancing usually loses money. This calculator tells you exactly where you land on both sides before you commit to an application.
Related Calculators
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Related Guides
Deepen your understanding with these educational resources.
Should I Refinance? Break-even Explained
The plain-language rule that decides when a new loan wins.
Refinancing Mortgages 2026
Term choices, rate rooms, and the fees to negotiate.
Cash-out Refinance vs HELOC
Picking between borrowing at equity and a line of credit.
Student Loan Refinancing Safely
The trade of federal protection for a lower private rate.
Glossary
Technical terms used in mortgage calculations explained in plain language.
- Refinance
- Replacing an existing loan with a new one, usually at new terms.
- Rate-and-term
- Refinancing that changes only the rate or the term, not the balance.
- Cash-out refinance
- Financing more than the balance to release equity as cash.
- Break-even
- The month when cumulative savings equal the costs of refinancing.
- Points
- Upfront interest payments that buy a lower rate.
- Closing costs
- Fees paid to finalize the refinance, from title to appraisal.
- APR
- The annual cost including rate and fees — the standard comparison number.
- LTV
- Loan-to-value ratio comparing the loan to the property value.
- Seasoning
- The minimum wait between loans, often 6-12 months.
- Amortization
- The payment schedule that amortizes a balance with principal and interest.
Authoritative References
Trusted sources and standards referenced by this calculator.
CFPB — Consumer Tools and Mortgages Federal Reserve — Consumers and Communities NerdWallet — Refinance Calculator Bankrate — Refinance Calculator Guide HUD — Refinancing Your Home FHFA — Refinance Data CFPB — Loan Estimates
Applicable Standards
Truth in Lending Act (Regulation Z)Equal Credit Opportunity ActFair Housing Act
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Page Information
Last Updated:
2026-08-07
Version:
2.0.0
References:
License:
Free to use for educational and professional purposes.