🔄

Refinance Calculator

Inputs

Current Loan Amount(USD)

Remaining principal balance on your current mortgage

Current Interest Rate(%)

Your current mortgage APR as a percentage

Current Remaining Years(years)

How many years remain on your current mortgage

New Interest Rate(%)

The proposed refinance APR as a percentage

New Loan Term (Years)(years)

Term length for your refinanced mortgage

Refinance Closing Costs(USD)

Total fees, appraisal, title insurance, and other closing costs

Results

Current Monthly Payment

—

New Monthly Payment

—

Monthly Payment Savings

—

Difference between current and new payment

Current Total Interest

—

New Total Interest

—

Total Interest Savings

—

Interest saved after accounting for closing costs

Break-Even Point

—

Break-Even in Years

—

Net Savings at Payoff

—

Total savings if you keep the refinanced loan to maturity

Refinance Recommendation

—

Formula

Monthly Payment = [P × r(1+r)^n] / [(1+r)^n - 1] | Interest Savings = Current Interest - New Interest - Closing Costs | Break-Even = Closing Costs / Monthly Savings