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Calculate refinance savings from old and new loan details plus costs — see monthly savings, total savings and break-even.
Calculate refinance savings from old and new loan details plus costs — see monthly savings, total savings and break-even.
Enter values above and click Calculate — results will appear here with the formula explained.
Refinance savings is old payment minus new payment monthly, total is old total minus new total plus costs, break-even is costs divided by monthly savings.
Longer new term lowers monthly but may increase total cost vs shorter old term — compare total, not just monthly.
For YMYL, ensure you will stay beyond break-even and have good credit for best rate.
Calculate refinance savings from old and new loan details plus costs — see monthly savings, total savings and break-even. Formula: Old payment vs new payment. Example: With $280k, 7% for 25y left: $1,923/mo.
Refinance savings is old payment minus new payment monthly, total is old total minus new total plus costs, break-even is costs divided by monthly savings.
Longer new term lowers monthly but may increase total cost vs shorter old term — compare total, not just monthly.
For YMYL, ensure you will stay beyond break-even and have good credit for best rate.
With $280k, 7% for 25y left: $1,923/mo. New 6% for 30y: $1,679/mo, saving $244/mo, break-even 16.4 months, but total cost higher due to 5 extra years.
Formulas are standard public references (see our methodology). External standards are cited in the text where they apply.
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