Refinance Calculator
Compare your current loan to a refinanced loan. See monthly savings, total interest savings, and break-even point.
Financial Disclaimer
This calculator is for educational purposes only and does not constitute financial advice. Results are estimates based on the inputs provided. Consult a qualified financial advisor before making investment or financial planning decisions.
Monthly Savings
$240.16
Inputs
Comparison
Current Payment
$1,688.02
New Payment
$1,447.86
Total Savings
-$14,824.93
Current Total Interest
$256,405.37
New Total Interest
$266,230.30
Break-Even Point
21 months
Annual Payment Comparison
Interest Comparison
How to Use This Calculator
- Enter your current loan balance and interest rate.
- Enter the number of years remaining on your current loan.
- Set the new interest rate and loan term you are considering.
- Enter the estimated closing costs for the refinance (typically $3,000-$6,000).
- Review the monthly savings, total savings over the life of the loan, and break-even point in months to recoup closing costs.
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