Mortgage Refinance Calculator
Compare your current mortgage against a refinance to see monthly savings, the break-even point, and total interest saved.
Estimated Monthly Savings
$419/mo
$2,120 → $1,701
Break-Even
17 mo
~1.4 years
Est. Interest Saved
$15,526
net of closing costs
Annual Savings
$5,029
per year
Cumulative Interest Comparison
Compares total interest paid over time. The refi line includes closing costs. Where the lines cross is the estimated break-even point.
Current Mortgage
Refinance Options
Estimated closing costs: $12,000
Estimated Net Savings with Refinance
$8,779
Interest savings minus closing costs over the remaining loan term
Estimated break-even in
31months
Remaining Balance
Shows remaining principal balance on each loan over time. The refinanced balance may start higher due to rolled-in closing costs.
Side-by-Side Comparison
| Metric | Current | Refinance | Difference |
|---|---|---|---|
| Monthly Payment | $2,796.86 | $2,358.46 | -$438 |
| Remaining Payments | 311 | 360 | +49 |
| Total Interest | $486,781 | $466,002 | -$20,779 |
| Closing Costs | — | $12,000 | +$12,000 |
| Total Cost (Interest + Closing) | $486,781 | $861,044 | +$374,264 |
| New Loan Amount | — | $383,042 | — |
About This Analysis
This calculator provides estimates based on the inputs you supply. It assumes fixed interest rates, standard amortization, and that closing costs are rolled into the new loan balance. It does not account for taxes, insurance, PMI changes, prepayment penalties, or the opportunity cost of closing-cost funds. Results are for informational and educational purposes only and should not be considered financial advice. Consult a qualified professional before making refinancing decisions.
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Also Consider
Quick Reference
- Closing Cost BreakdownTypical fees and who pays what
- PMI Thresholds & RatesWhen PMI applies, typical rates, removal rules
- Conforming Loan Limits2025 limits by county (FHA, conventional, jumbo)
- Current Mortgage Rates30-year, 15-year, ARM averages by credit score
- Mortgage Tax DeductionsWhat's deductible, limits, phase-outs
- Property Tax Rates by StateAverage effective rates and exemptions
Insights
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