Refinance Calculator

Compare a proposed payment with your current loan and estimate how long it may take to recover closing costs. These are planning estimates, not an offer or a promise of savings.

Calculator, open notebook and pen for comparing costs

Compare Your Assumptions

Current Loan Balance ($)1–100,000,000

Current Interest Rate (%)0–30

Remaining Term (Years)1–50 whole years

Illustrative New Rate (%)0–30

New Term (Years)1–50 whole years

Out-of-Pocket Closing Costs ($)0–1,000,000

Monthly Principal & Interest

Current$2,827

Proposed$2,398

Monthly Difference: $429 Lower
Simple Break-Even: 14 Months
Remaining Interest — Current: $448,135
Total Interest — Proposed: $463,353

Lower payments can come from extending the term and may increase total interest. Compare both the monthly difference and the cost over time.

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What Do These Mortgage Terms Mean?

Illustrative estimates only; rates are example inputs, not current offers or APRs. Assumes a fully amortizing, fixed-rate loan with monthly payments. Same principal balance, no cash-out, costs paid upfront, and unchanged taxes, insurance, and mortgage insurance. Simple break-even ignores time value of money, differences in equity, and future rate changes. Savings comparisons apply only while both loans would still be outstanding. Results are rounded for display. Eligibility and actual terms require lender review. Learn More at the CFPB.