Refinance Calculator
Compare your current mortgage to a new loan. See monthly savings, break-even point, and total savings.
Current Loan
Property Info
(optional — unlocks LTV, equity & PMI analysis)New Loan
Discount Points
(optional)How many points will you buy to lower your rate?
Excellent Refinance
Break-even in 14 months — this refinance is highly beneficial. You'll save $306.77/month and recover costs quickly.
Payment Comparison
Current Payment
$1,625.78
New Payment
$1,319.01
Monthly Impact
+$306.77
14 mo
+$8,890.16
Break-Even Analysis
Interest Comparison
$267,734.18
$254,844.02
+$12,890.16
Annual & Timeline
+$3,681.23
Jul 2051
Jul 2056
⚠️ You'll be in debt 5 years longer with the new loan
Stay-in-Home Analysis
If you move after 5 years
+$14,406.17
Net Savings
✅ You'll have recovered all costs and saved $14,406.17 by the time you move.
Power Move
What if you keep paying $1,625.78 on your new loan?
Payoff Time
18 yrs 10 mo
instead of 30 years
Additional Interest Saved
+$106,871.62
By maintaining your current payment on the new lower-rate loan, you'd pay off 11 years 2 months sooner and save an additional $106,871.62 in interest.
Amortization Schedule
| Year | Principal Paid | Interest Paid | Total Paid | Ending Balance |
|---|---|---|---|---|
| Year 1 | $2,701.63 | $13,126.51 | $15,828.13 | $217,298.37 |
| Year 2 | $2,868.26 | $12,959.88 | $15,828.13 | $214,430.12 |
| Year 3 | $3,045.16 | $12,782.97 | $15,828.13 | $211,384.95 |
| Year 4 | $3,232.98 | $12,595.15 | $15,828.13 | $208,151.97 |
| Year 5 | $3,432.39 | $12,395.75 | $15,828.13 | $204,719.59 |
| Year 6 | $3,644.09 | $12,184.05 | $15,828.13 | $201,075.50 |
| Year 7 | $3,868.85 | $11,959.29 | $15,828.13 | $197,206.65 |
| Year 8 | $4,107.47 | $11,720.66 | $15,828.13 | $193,099.18 |
| Year 9 | $4,360.81 | $11,467.32 | $15,828.13 | $188,738.37 |
| Year 10 | $4,629.77 | $11,198.36 | $15,828.13 | $184,108.59 |
| Year 11 | $4,915.33 | $10,912.80 | $15,828.13 | $179,193.27 |
| Year 12 | $5,218.50 | $10,609.64 | $15,828.13 | $173,974.77 |
| Year 13 | $5,540.36 | $10,287.77 | $15,828.13 | $168,434.41 |
| Year 14 | $5,882.08 | $9,946.06 | $15,828.13 | $162,552.33 |
| Year 15 | $6,244.87 | $9,583.26 | $15,828.13 | $156,307.46 |
| Year 16 | $6,630.04 | $9,198.09 | $15,828.13 | $149,677.42 |
| Year 17 | $7,038.97 | $8,789.16 | $15,828.13 | $142,638.45 |
| Year 18 | $7,473.12 | $8,355.02 | $15,828.13 | $135,165.33 |
| Year 19 | $7,934.04 | $7,894.09 | $15,828.13 | $127,231.29 |
| Year 20 | $8,423.40 | $7,404.74 | $15,828.13 | $118,807.89 |
| Year 21 | $8,942.93 | $6,885.20 | $15,828.13 | $109,864.96 |
| Year 22 | $9,494.51 | $6,333.62 | $15,828.13 | $100,370.44 |
| Year 23 | $10,080.12 | $5,748.02 | $15,828.13 | $90,290.33 |
| Year 24 | $10,701.83 | $5,126.30 | $15,828.13 | $79,588.49 |
| Year 25 | $11,361.90 | $4,466.23 | $15,828.13 | $68,226.59 |
| Year 26 | $12,062.68 | $3,765.46 | $15,828.13 | $56,163.91 |
| Year 27 | $12,806.68 | $3,021.46 | $15,828.13 | $43,357.24 |
| Year 28 | $13,596.56 | $2,231.57 | $15,828.13 | $29,760.67 |
| Year 29 | $14,435.17 | $1,392.96 | $15,828.13 | $15,325.50 |
| Year 30 | $15,325.50 | $502.63 | $15,828.13 | $0.00 |
| Total | $220,000.00 | $254,844.02 | $474,844.02 | — |
How to Use This Refinance Calculator
1. Enter Your Current Loan Details. Fill in Current Balance, Current Rate, and Remaining Term from your latest statement.
2. Enter New Rate, New Term & Closing Costs. Fill in the proposed new rate, term, and total closing costs.
3. Choose How You'll Pay Closing Costs. Select Out of Pocket or Roll into Loan.
4. Choose How Long You Plan to Stay. Pick your anticipated years in the home (3, 5, 7, 10, or 15+ years).
5. Read Your Results. Compare Monthly Savings, Break-Even Point, Total Savings, and Stay-in-Home Net Savings.
Michael has $220,000 left on his mortgage, a fairly high rate, and 25 years remaining on the term. He gets a refinance offer at 6% for a new 30-year term, with closing costs that put his Break-Even Point at month 14 and monthly savings of $306.77. When he looks at the Total Savings figure, it comes out to just $8,890 — lower than he expected, since the calculator accounts for the new loan running 5 years longer than his old one would have (July 2056 versus July 2051). But Michael actually only plans to stay in the house for 5 more years before relocating for work. The moment he selects "5 years" in the Stay-in-Home Analysis, the number flips entirely — Net Savings comes out to $14,406, well above the full-term Total Savings figure. What clicks for Michael is understanding why the two numbers differ: he'll never actually carry those extra 5 years of debt, because he'll be long gone before they matter. With that clarity, he moves forward with the refinance confidently, instead of hesitating over a Total Savings number that looked less impressive on paper.
Key Terms
Break-Even Point
Months required for monthly savings to cover full closing costs.
Closing Costs
Fees to process the refinance (appraisals, title, processing), driving the break-even timeframe.
Stay-in-Home Analysis
Calculates net savings over your actual anticipated timeframe rather than the full 30-year term.
Total Savings vs. Net Savings
Total Savings covers full loan life; Net Savings reflects actual cash saved before moving.
Cash-Out Refinance
Borrowing more than remaining principal to receive cash out based on accumulated home equity.
How Long You Plan to Stay Matters More Than Your Break-Even Point
Most people look at exactly one number when weighing a refinance: the Break-Even Point. But that's only half the story.
Why Total Savings Can Be Misleading
Total Savings factors in additional years added to the loan end-date, which penalizes short-term refinances that are actually very profitable over a 5-year stay.
The Number That Changes Completely Once You Know Your Timeline
In Michael's case, monthly savings of $306.77 yields $14,406 in Net Savings over 5 years, higher than the full 30-year Total Savings figure of $8,890.
Check Your Timeline First
Always evaluate Stay-in-Home Net Savings against your expected relocation window before committing to closing costs.