Calculator
Refinance Calculator
Estimate whether refinancing may help lower your payment, change your loan term, or support your financial goals.
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Results
Current payment$2,200
New payment$1,755
Estimated monthly savings$445
Break-even point15 months
Closing costs$6,500
Interest left on current loan$365,253
Interest on new loan$346,726
Lifetime interest difference-$18,527
Results are estimates for educational purposes only and are not a loan offer, pre-approval, or guarantee of rates, terms, or eligibility. Actual figures may vary based on credit profile, income, property, lender guidelines, and market conditions. Eligibility varies.
Compare Refinance Options This refinance calculator is for educational purposes only. It does not determine eligibility or guarantee savings. Actual refinance results depend on credit profile, income, equity, property type, loan amount, lender guidelines, and current market conditions.
Helpful to know
When refinancing may make sense
Common reasons include lowering rate, changing term, switching loan type, or accessing equity through cash-out.
Rate-and-term vs. cash-out
Rate-and-term changes the rate or length. Cash-out increases your loan balance to convert equity into funds.
What is a break-even point?
It is the time it takes for monthly savings to equal your closing costs. It can help compare options.
Closing costs to consider
These often include lender fees, third-party fees, prepaid taxes and insurance, and title-related costs.
How term affects total interest
A longer term may lower monthly payments but typically increases total interest paid over time.