Refinance Calculator

How to use

1. Enter your current balance, rate and the years left on it.
2. Add the new rate and term you have been offered.
3. Set the expected closing costs as a percentage of the balance.
4. Compare the new payment, monthly saving and breakeven months.
5. Check lifetime saving last; a positive monthly line can hide a negative total.

About this tool

Refinancing trades one amortization for another, and an honest comparison needs four numbers, not one. This calculator prices your remaining loan at the current rate and term, prices the proposed loan at the new rate and term, then reports the new monthly payment, the monthly difference, how many months closing costs take to recover, and the lifetime result after costs. On the defaults, moving 320,000 dollars from 7.25 percent with 25 years left to 6.10 percent over 30 years saves about 374 dollars a month, recovers closing costs in roughly 17 months, yet ends about 10,600 dollars negative in lifetime terms because the term restarts. Read all four outputs before deciding. Outputs compare principal and interest only from the inputs entered; real refinance pricing, fees and escrow needs vary by lender. Verify with official sources. Not financial advice.Rate-and-term refinances replace the balance without pulling cash out, while cash-out versions raise the balance and usually price slightly higher. Credit score bands steer pricing: borrowers in the top tiers see the sharpest rates, and each lower band adds cost (approximate; pricing grids are lender-specific). Escrow, appraisal and title charges vary. Verify every assumption with your lender.

FAQ

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