Refinance calculator
See whether refinancing your loan or mortgage is actually worth it — including the closing costs and what a longer term really costs you over time.
Current monthly payment
$1,688.02
New monthly payment
$1,461.48
Monthly savings
$226.54
Break-even on closing costs
18 months
Total lifetime savings
$63,962.84
Total cost of the new loan (including closing costs) versus the total remaining cost of your current loan. This is the real comparison — a lower monthly payment doesn't always mean you save money overall.
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How this is calculated
We calculate the fixed monthly payment and total interest for your current loan over its remaining years, and for the new loan over its new term, using standard amortization. Monthly savings is the difference between the two payments; break-even is how many months of savings it takes to recover the closing costs. Lifetime savings compares the total remaining cost of your current loan against the total cost of the new one, including closing costs — the number that actually tells you whether refinancing is worth it.
This is an educational estimate, not financial advice.