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Calcimator

Refinance Calculator

Compare your current loan to a refinanced loan. See monthly savings, total interest savings, and break-even point.

Monthly Savings

$240.16

Inputs

$
%
years
%
years
$

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

$266,230.3

Break-Even Point

21 months

Annual Payment Comparison

Interest Comparison

How to Use This Calculator
  1. Enter values in both columns to compare scenarios side by side. This layout lets you see how changing one variable affects the outcome relative to another scenario.
  2. Current Loan Balance — Current account or loan balance. Accepts values from $1,000 to $1,000,000 (default: $250,000).
  3. Current Interest Rate — Your current interest rate. Accepts values from 0 % to 15 % (default: 6.5 %).
  4. Years Remaining — Months remaining on your current loan. Accepts values from 1 years to 30 years (default: 25 years).
  5. New Interest Rate — The new interest rate being considered. Accepts values from 0 % to 15 % (default: 5.5 %).
  6. New Loan Term — The new loan term being considered. Accepts values from 1 years to 30 years (default: 30 years).
  7. Closing Costs — Fees and costs to close the loan. Accepts values from $0 to $50,000 (default: $5,000).
  8. Once all inputs are set, review your results in the Results panel. Here's what each output means:
  9. Monthly Savings — shown as a dollar amount. This is the primary result of this calculator.
  10. Current Payment — shown as a dollar amount.
  11. New Payment — shown as a dollar amount.
  12. Total Savings — shown as a dollar amount.
  13. Current Total Interest — shown as a dollar amount.
  14. New Total Interest — shown as a dollar amount.
  15. Break-Even Point — shown as a numeric value.
  16. Scroll down to explore 2 charts (Annual Payment Comparison, Interest Comparison) for a visual breakdown of the data.
  17. Explore the related calculators below if you need deeper analysis or want to approach this topic from a different angle.
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