Refinance Calculator
Compare the remaining current loan with a new loan using both balances, fixed rates, whole-year terms and cash closing costs. The timeline sums actual scheduled payments through each payoff and shows remaining balances.
Compare the remaining current loan with a new loan using both balances, fixed rates, whole-year terms and cash closing costs. The timeline sums actual scheduled payments through each payoff and shows remaining balances.
Method and assumptions
Amounts: at most 1,000,000,000 with two decimal places. Rates: four decimal places. Loan rates and percentages: 0–100; terms: whole years 1–100. Investment returns and inflation: −99–100; horizons: whole years 0–100. Invalid or excessive results are rejected. Both refinance balances must be greater than zero. The timeline shows at most ten years; lifetime totals cover both complete terms.
Money is displayed to two decimals. Loan interest posts monthly in cents, with an adjusted final payment. Savings compound before each end-of-month deposit; no daily cash-flow dates are modeled.
Two loans of 1,200 at 0% for one year each pay 100 monthly and cost 1,200. Adding 100 closing costs makes total savings −100 and gives no break-even.
Calculations run in this page without sending financial inputs to a calculation service. Drafts are not saved by this calculator. Clipboard and CSV actions use the successful result; editing or reset invalidates it. Site advertising and account policies remain separate. No lender offers or credit reports are retrieved.
Break-even is the first month when cumulative payment savings recover cash closing costs. Later payments can reverse that advantage. Lifetime cost includes principal; interest savings are separate. Taxes, insurance, penalties and cash-out value are excluded.
CFPB · Method and assumptions
CFPB documentation cached 2026-10-21; not a fresh law, tax or approval check. DTI page reviewed 2023-08-28; General QM change published 2020-12-10; the cited §1026.38 interpretation is the historical 2024-01-01 version.
📋 Current Loan
✨ New Loan
If the entered balances differ, cash released or additional principal makes this an unequal borrowing comparison. Break-even is the first month when cumulative payment savings recover cash closing costs. Later payments can reverse that advantage. Lifetime cost includes principal; interest savings are separate. Taxes, insurance, penalties and cash-out value are excluded.
📊 Loan Comparison
| Current Loan | New Loan | Difference | |
|---|---|---|---|
| Monthly Payment | $ | $ | |
| Interest Rate | |||
| Total Interest | $ | $ | |
| Total Cost | $ | $ | |
| Loan Term |
Compare the remaining current loan with a new loan using both balances, fixed rates, whole-year terms and cash closing costs. The timeline sums actual scheduled payments through each payoff and shows remaining balances.
| Year | Current Loan · Balance | New Loan · Balance |
|---|---|---|
📈 Savings Over Time
| year | Cumulative Savings | Net Benefit |
|---|---|---|
| $ |
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About Refinance Calculator
Compare the remaining current loan with a new loan using both balances, fixed rates, whole-year terms and cash closing costs. The timeline sums actual scheduled payments through each payoff and shows remaining balances.
Break-even is the first month when cumulative payment savings recover cash closing costs. Later payments can reverse that advantage. Lifetime cost includes principal; interest savings are separate. Taxes, insurance, penalties and cash-out value are excluded.
Two loans of 1,200 at 0% for one year each pay 100 monthly and cost 1,200. Adding 100 closing costs makes total savings −100 and gives no break-even.
CFPB documentation cached 2026-10-21; not a fresh law, tax or approval check. DTI page reviewed 2023-08-28; General QM change published 2020-12-10; the cited §1026.38 interpretation is the historical 2024-01-01 version. Preset scenario; no current local rate or eligibility certification.
Use Cases
How to use
Under Current Loan enter the Remaining Balance, Current Interest Rate and Remaining Term in years. The Current Monthly Payment is worked out for you.
Under New Loan enter the New Loan Amount, including closing costs if you plan to roll them into the mortgage, and the New Interest Rate. If the entered balances differ, cash released or additional principal makes this an unequal borrowing comparison.
Choose a New Loan Term of 30, 20, 15 or 10 Years, then enter your Closing Costs in dollars.
Read New Monthly Payment, Monthly Savings and Break Even Months, plus the verdict line saying whether refinancing makes sense on these terms. Break-even is the first month when cumulative payment savings recover cash closing costs. Later payments can reverse that advantage. Lifetime cost includes principal; interest savings are separate. Taxes, insurance, penalties and cash-out value are excluded.
Use the Loan Comparison table to see monthly payment, interest rate, total interest, total cost and term for the current and new loan side by side.
Check Savings Over Time for cumulative savings and the net benefit each year once closing costs are paid back.
Pro Tips
- Enter your values carefully — small differences in inputs can lead to large changes in the Refinance Calculator result, especially for long time periods.
- Use the Refinance Calculator to compare multiple scenarios side by side. Open the tool in several tabs to see how different assumptions impact your outcome.
- Bookmark this Refinance Calculator and return whenever your situation changes — small updates in income, rates, or expenses are easy to recompute.
- Calculations run in this page without sending financial inputs to a calculation service. Drafts are not saved by this calculator. Clipboard and CSV actions use the successful result; editing or reset invalidates it. Site advertising and account policies remain separate. No lender offers or credit reports are retrieved.
- Combine this Refinance Calculator with our other financial tools (loan, tax, budget calculators) for a more complete financial picture.
- Break-even is the first month when cumulative payment savings recover cash closing costs. Later payments can reverse that advantage. Lifetime cost includes principal; interest savings are separate. Taxes, insurance, penalties and cash-out value are excluded.
- Calculations run in this page without sending financial inputs to a calculation service. Drafts are not saved by this calculator. Clipboard and CSV actions use the successful result; editing or reset invalidates it. Site advertising and account policies remain separate.
Frequently Asked Questions
A longer term can add interest and leave more principal outstanding. Compare the residual balances and lifetime totals, not just the first payment.
Both schedules remain visible, but a cash-out or larger loan is not an equal-balance saving. The result explicitly flags this comparison.
Break-even is the first month when cumulative payment savings recover cash closing costs. Later payments can reverse that advantage. Lifetime cost includes principal; interest savings are separate. Taxes, insurance, penalties and cash-out value are excluded.
Calculations run in this page without sending financial inputs to a calculation service. Drafts are not saved by this calculator. Clipboard and CSV actions use the successful result; editing or reset invalidates it. Site advertising and account policies remain separate.