Mortgage Refinance Calculator

Current loan

Remaining balance ($)Current interest rate (%)Remaining term (months)

New loan

New interest rate (%)New term (months)Closing costs ($)

Monthly savings

+$268.55

$1,419.47 vs $1,688.02 / month

Current payment

$1,688.02

300 mo remaining

New payment

$1,419.47

360 mo new term

Break-even

15 months

You recover closing costs in 15 months

Lower payment, higher lifetime cost

Extending the term costs $8,604.73 more overall. Your monthly payment is lower, but you pay more interest over the life of the new loan — even after accounting for the rate reduction.

Current total interest

$256,405.37

New interest + closing

$265,010.10

Lifetime delta

-8,604.73

Refinancing costs this much more in total (after closing costs)

Total interest comparison

Current loanNew loan + closing