Refinance Calculator
Compare your current mortgage to a new loan and see if refinancing makes sense.
1 Current Loan Details
$
%
years
Current Monthly Payment $1,910
2 New Loan Details
%
years
$
Typically 2-5% of loan amount. Includes origination, appraisal, title and other fees.
New Monthly Payment $1,679
Monthly Savings
$231
Lower payment with the new loan
Break-Even Point
26 months
Lifetime Savings
$32,460
Refinancing Makes Sense
You'll recover closing costs in 26 months and save $32,460 over the life of the loan.
Loan Comparison
| Current | New | |
|---|---|---|
| Interest Rate | 7.250% | 6.000% |
| Loan Term | 27 years | 30 years |
| Monthly Payment | $1,910 | $1,679 |
| Total Interest | $338,640 | $324,440 |
| Total Cost | $618,640 | $610,440 |
Things to Consider
- Extending your term means more total interest, even with a lower rate
- If you plan to move before the break-even point, refinancing may not pay off
- Consider a shorter term to save on interest while rates are lower
- Shop multiple lenders to get the best rate and lowest closing costs