Mortgage Refinance Calculator

Compare your current mortgage with refinanced terms to see if refinancing could save you money

Monthly Savings
$301
less per month
Break-Even Point
14 mo
1.2 years
Lifetime Savings
$9,157
net cost
New Monthly Payment
$1,590
principal & interest
Current Loan
$350,000
$280,000
6.50%
%
25 years
yrs
New Loan Terms
5.50%
%
30 years
yrs
$4,000
0% ($0)
pts
Balance Over Time
Current Loan
Refinanced Loan
Loan Comparison

Current mortgage vs refinanced terms

Current
Refinanced
Monthly Payment
$1,891
$1,590
Interest Rate
6.50%
5.50%
Total Interest
$287,174
$292,331
Total Cost
$567,174
$576,331
Closing Costs
$0
$4,000
Loan Term
25 years
30 years
Payoff Date
Mar 2051
Mar 2056
Break-Even Analysis

When cumulative savings exceed closing costs

Total Closing Costs$4,000
Closing Costs (Fees)$4,000
Discount Points Cost$0
Monthly Payment Savings$301 less
Months to Break Even14 months
Interest Saved (Before Costs)$5,157
Net Lifetime Savings-$9,157
Should You Refinance?
Refinancing may not be beneficial

At 5.50% over 30 years, refinancing would cost you $9,157 more than keeping your current loan after accounting for closing costs. Consider a lower rate, shorter term, or reducing closing costs.