Refinance Calculator
Compare mortgage refinancing costs, payments, interest, and simple break-even time.
Compare future payments on the current mortgage with a refinanced loan.
Result
Simple break-even divides costs by payment reduction. It does not treat cash-out proceeds as savings or account for different remaining balances.
Calculation details
Scroll horizontally or vertically to see more. Download CSV for the complete schedule.
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | 1,649.89 | 1,041.67 | 608.22 | 249,391.78 |
| 2 | 1,649.89 | 1,039.13 | 610.76 | 248,781.02 |
| 3 | 1,649.89 | 1,036.59 | 613.30 | 248,167.72 |
| 4 | 1,649.89 | 1,034.03 | 615.86 | 247,551.86 |
| 5 | 1,649.89 | 1,031.47 | 618.42 | 246,933.44 |
| 6 | 1,649.89 | 1,028.89 | 621.00 | 246,312.44 |
| 7 | 1,649.89 | 1,026.30 | 623.59 | 245,688.85 |
| 8 | 1,649.89 | 1,023.70 | 626.19 | 245,062.66 |
| 9 | 1,649.89 | 1,021.09 | 628.79 | 244,433.87 |
| 10 | 1,649.89 | 1,018.47 | 631.41 | 243,802.46 |
| 11 | 1,649.89 | 1,015.84 | 634.05 | 243,168.41 |
| 12 | 1,649.89 | 1,013.20 | 636.69 | 242,531.72 |
| 13 | 1,649.89 | 1,010.55 | 639.34 | 241,892.38 |
| 14 | 1,649.89 | 1,007.88 | 642.00 | 241,250.38 |
| 15 | 1,649.89 | 1,005.21 | 644.68 | 240,605.70 |
| 16 | 1,649.89 | 1,002.52 | 647.37 | 239,958.33 |
| 17 | 1,649.89 | 999.83 | 650.06 | 239,308.27 |
| 18 | 1,649.89 | 997.12 | 652.77 | 238,655.50 |
| 19 | 1,649.89 | 994.40 | 655.49 | 238,000.01 |
| 20 | 1,649.89 | 991.67 | 658.22 | 237,341.78 |
| 21 | 1,649.89 | 988.92 | 660.97 | 236,680.82 |
| 22 | 1,649.89 | 986.17 | 663.72 | 236,017.10 |
| 23 | 1,649.89 | 983.40 | 666.48 | 235,350.61 |
| 24 | 1,649.89 | 980.63 | 669.26 | 234,681.35 |
| 25 | 1,649.89 | 977.84 | 672.05 | 234,009.30 |
| 26 | 1,649.89 | 975.04 | 674.85 | 233,334.45 |
| 27 | 1,649.89 | 972.23 | 677.66 | 232,656.79 |
| 28 | 1,649.89 | 969.40 | 680.49 | 231,976.30 |
| 29 | 1,649.89 | 966.57 | 683.32 | 231,292.98 |
| 30 | 1,649.89 | 963.72 | 686.17 | 230,606.81 |
| 31 | 1,649.89 | 960.86 | 689.03 | 229,917.78 |
| 32 | 1,649.89 | 957.99 | 691.90 | 229,225.89 |
| 33 | 1,649.89 | 955.11 | 694.78 | 228,531.10 |
| 34 | 1,649.89 | 952.21 | 697.68 | 227,833.43 |
| 35 | 1,649.89 | 949.31 | 700.58 | 227,132.84 |
| 36 | 1,649.89 | 946.39 | 703.50 | 226,429.34 |
How to use this calculator
Compare future payments on the current mortgage with a refinanced loan. Enter amounts in the units shown, select the applicable options, and click Calculate. Use Reset to restore the starting values.
Calculation formula
New principal = balance + cash out + financed costs; compare amortization cash flows.
Assumptions and accuracy
Review timing, rates, fees and result notes when comparing scenarios. Future returns and rates are assumptions rather than guaranteed outcomes. Monetary display follows the currency’s precision; intermediate calculations retain additional digits.
Choose what to calculate
Refinance calculator
Compare your current mortgage with a new loan, including cash out and closing costs. Simple break-even uses costs divided by the monthly payment reduction.
Related searches: Mortgage refinance break even calculator · Cash out refinance calculator
Open this calculationUnderstanding this calculation
Compare a current mortgage with a replacement loan, including cash-out, points, fees and whether costs are financed. A lower new payment can come from either a better rate or a longer term.
Worked examples
A lower refinance payment without interest savings
Illustrative inputs are specified in the steps below; the example link loads the complete settings. Unmentioned settings use the linked defaults.
- The new zero-interest loan spreads 12,000 across 24 payments: 500 per month. The old payment is 1,000; the reduction comes from extending the term, not saving interest.
New monthly payment: 500 USD.
Try these inputsCommon questions
Does a lower refinance payment always save money?
No. Extending repayment can lower monthly payments while increasing the time you pay interest. Fees can also outweigh a small rate reduction.
How do financed refinance costs affect the loan?
Financed costs increase the new principal and can themselves accrue interest; upfront costs reduce available cash instead.
Scope and assumptions
Simple payment-based break-even figures do not capture every holding-period or opportunity-cost effect. Review total interest and costs as well as payment savings.
Sources
- Calculation methodology, rule versions and testing limitations
- Reference calculator for feature comparison (not a model-parity certification)
Calculation notes checked . Examples are mathematical checks under the stated assumptions.
Calculation methods and formulas
Current Balance and Payment
Compare future payments on the current mortgage with a refinanced loan.
New principal = balance + cash out + financed costs; compare amortization cash flows.
Original Loan Information
Compare future payments on the current mortgage with a refinanced loan.
New principal = balance + cash out + financed costs; compare amortization cash flows.
See our calculation methodology and review status for data versions, rounding and validation limitations.