Mortgage Refinance Calculator

Your details

Choose whether you know your current balance or want to enter the original loan details.
The outstanding principal you still owe on your current mortgage.
The annual interest rate on your existing mortgage.
% per year
How many payments are left on your current loan (e.g. 26 years = 312 months).
months
The annual interest rate you expect to receive on the refinanced loan.
% per year
The repayment period for your refinanced loan.
years
Total upfront fees to close the new loan: origination fee, appraisal, title, etc. Typically 2-5% of the loan amount.
Each point costs 1% of the loan amount and typically lowers the rate by 0.25%. Enter 0 if you are paying no points.
points
Extra amount borrowed above your remaining balance (cash-out refinance). Enter 0 for a rate-and-term refinance.
Currency
Monthly payment changeRefinancing looks worthwhile
-$271.96

Negative means your payment decreases (savings). Positive means it rises.

Current monthly payment$1,861.77
New monthly payment$1,589.81
Break-even period18.4months
Lifetime interest saved$8,541
Current loan total interest$300,872
New loan total interest$292,331
Total refinancing cost$5,000
New loan amount$280,000
Current loan$302,733.96
New loan$293,921.12

Interest saved: $8,541

  • Monthly payment
  • Total interest

Refinancing could save you $8,541 in total interest.

  • Your new monthly payment is lower by about $272, which frees up cash each month.
  • You need to stay in the home for at least 18 months (about 1.5 years) to recover your $5000 in closing costs.
  • Over the full life of both loans, refinancing saves approximately $8,541 in total interest.

Next stepA rate drop of 1 percentage point or more typically makes refinancing worthwhile if you plan to stay long-term. Lock in a rate while it is available.

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