Mortgage Refinance Calculator
Determine whether refinancing your mortgage makes financial sense. Enter your current loan details and the terms of a new loan to see how much you could save each month, when you will break even on closing costs, and your total interest savings over the life of the loan.
Inputs
$
%
%
$
$
Extra cash borrowed on top of your current balance
Results
Monthly Savings
$315.80
New Monthly Payment
$1,663.18
Break-Even
16 months
Lifetime Savings
$-5,051.23
Total Interest Comparison
Cumulative Savings Over Time
Yearly Comparison
| Year | Current Balance | New Balance | Cumulative Savings |
|---|---|---|---|
| 1 | $275,716.52 | $281,333.69 | $-1,210.41 |
| 2 | $271,123.39 | $277,450.91 | $2,579.18 |
| 3 | $266,198.22 | $273,338.90 | $6,368.77 |
| 4 | $260,917.01 | $268,984.12 | $10,158.36 |
| 5 | $255,254.03 | $264,372.23 | $13,947.95 |
| 6 | $249,181.66 | $259,488.06 | $17,737.54 |
| 7 | $242,670.32 | $254,315.52 | $21,527.13 |
| 8 | $235,688.28 | $248,837.60 | $25,316.71 |
| 9 | $228,201.50 | $243,036.27 | $29,106.30 |
| 10 | $220,173.51 | $236,892.42 | $32,895.89 |
| 11 | $211,565.17 | $230,385.85 | $36,685.48 |
| 12 | $202,334.53 | $223,495.12 | $40,475.07 |