Mortgage Refinance Calculator
Compare your current mortgage to a new loan. See monthly savings, closing cost break-even, and whether refinancing makes financial sense for your timeline.
Current Loan
$350,000
50,0001,500,000
7.25%
212
27 yrs
130
New Loan Terms
6.5%
212
Closing Costs
2% · $7,000
0.55
Your Timeline
7 yrs
130
Results
Current Monthly Payment
$2,464.68
7.25% · 27 yrs remaining
New Monthly Payment
$2,212.24
6.5% · 30-yr term
Monthly Savings
$252.44
Less per month
Closing Costs
$7,000
Due at closing
Break-Even Point
28 mo
2 years, 4 months
Net Savings · 7 yrs
$14,205
After recouping closing costs
Lifetime Interest
Current loan$448,556
New loan$446,406
Interest saved$2,150
Break-even in 2 years, 4 months. You plan to stay 7 years — refinancing is likely worth it.
Loan Balance Over Time
Remaining balance year-by-year — current loan vs. refinanced loan.
Side-by-Side Comparison
CurrentRefinanced
Monthly Payment$2,464.68$2,212.24
Interest Rate7.25%6.5%
Loan Term27 yrs left30 yrs
Loan Balance$350,000$350,000
Total Interest Paid$448,556$446,406
Total Cost of Loan$798,556$803,406