Refinance Calculator

Your details

The amount you still owe today, this is the principal that gets refinanced.
%
Years remaining until your current mortgage is paid off.
yr
%
yr
Lender fees, appraisal, title and recording, excluding points. Usually 2-5% of the loan.
Points are an up-front fee equal to a percent of the new balance. One point is 1% of the loan.
%
Extra equity you take as cash. It is added to the new loan balance and accrues interest.
Finance the up-front costs instead of paying them in cash. They are added to the new balance.
Currency
Monthly savingsFast break-even
$290.67
Current payment$1,880.48
New payment$1,589.81
Break-even point14months
Up-front cost to refinance$4,000
New loan balance$280,000
Remaining interest, current loan$329,276
Total interest, new loan$292,331
Lifetime interest saved$36,945
Net lifetime savings after costs$32,945
Current payment$1,880.48
New payment$1,589.81

You would save about 290.67 per month.

  • It takes roughly 14 months of savings to recover the 4,000 you pay at closing.
  • Over the full term you save about 36,945 in interest compared with keeping the current loan.
  • Net of the closing costs you pay in cash, the lifetime saving is about 32,945.

Next stepCompare the break-even month to how long you plan to keep the home before selling or refinancing again.

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