Refinance Calculator
See if refinancing your loan is worth it — monthly savings, break-even point, and net lifetime interest.
Your Current Loan
What you still owe today
Time remaining until payoff
The Refinanced Loan
Typically 2–5% of the balance — about $5,000–$12,500 here. Covers origination, appraisal & title.
⚠️ A 30-year term is longer than the 28 years left on your current loan — a lower monthly payment here can still mean more interest overall.
How long before you'd sell or pay it off
Monthly Saving
$279.55
$1,699.02 now → $1,419.47 refinanced
You break even after 15 months. Keep the loan past that and refinancing saves you a net $55,861 over its lifetime.
You plan to keep this loan 7 years (84 months) — comfortably past the 15-month break-even, so the refinance pays off for you.
ℹ️Your loan extends by 2 years — that's 24 extra monthly payments of $1,419.47. Turn on Match remaining term above to refinance without extending the payoff.
💡Mortgage interest may be tax-deductible if you itemize, so your actual after-tax savings could be higher than shown. Estimate your tax situation →
Break-Even Point
15 mo
To recoup closing costs from monthly savings
Net Lifetime Saving
$55,861
Interest saved, after closing costs
Interest — Current Loan
$320,871
Remaining over 28 years
Interest — Refinanced
$261,010
Over the new 30-year term
Current vs Refinanced
| Current Loan | Refinanced Loan | |
|---|---|---|
| Interest rate | 7% | 5.5% |
| Term | 28 years | 30 years |
| Monthly payment | $1,699.02 | $1,419.47 |
| Interest to payoff | $320,871 | $261,010 |
| Closing costs | — | $4,000 |
Total Cost Over Time
Everything paid so far on each loan. The refinanced line begins at the $4,000 closing costs — where it crosses below the current loan is your break-even.