Refinance Calculator

Compare your current loan against a refinance. Estimate payment change, interest savings, closing-cost break-even, and optional cash-out impact.

How to Use

  1. Enter your current remaining balance, interest rate, and remaining term.
  2. Enter the new refinance rate and new loan term.
  3. Add estimated closing costs, points, and optional cash-out if needed.
  4. Review the payment comparison, interest difference, and break-even timing.
Refinance Snapshot
Fast comparison between your current loan and your proposed refinance.
Current Payment
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New Payment
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Monthly Change
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Break-Even
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Enter your loan details to compare whether a refinance may reduce payments or total remaining interest.
Current Loan Payment —
Refinance Payment —
Remaining Interest (Current)
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Interest + Fees (Refi)
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Net Difference
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Cash-Out Total
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Inputs & Settings
Enter your current loan first, then your proposed refinance terms.

Current Loan

Principal still owed today.
Annual nominal rate.
Whole years remaining on the current loan.
Optional months beyond full years.

Refinance Loan

Quoted refinance rate.
Choose the refinance term length.
Origination, title, lender, and related costs.
Optional percentage of loan amount paid in points.

Optional Adjustments

Additional money borrowed beyond payoff and fees.
Changes loan amount and break-even logic.
Optional extra you already pay now.
Optional extra planned after refinancing.
Optional for estimated full payment view only.
Display only. Core math stays full precision.
Show Work (step-by-step)
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Work should show monthly-rate conversion, amortized payment math, refinance principal setup, and break-even calculation.

What This Calculator Compares

Quick answer: refinancing can lower your payment, shorten payoff time, reduce remaining interest, or provide cash out — but closing costs and reset term length matter.

This tool should compare the current remaining loan against a proposed refinance using standard amortized-payment math.

  • Current monthly payment: based on remaining balance, current rate, and remaining term
  • New monthly payment: based on refinance amount, new rate, and new term
  • Break-even point: closing costs divided by monthly savings when savings are positive
  • Total refinance amount: payoff balance + optional rolled-in costs + cash-out
  • Interest comparison: remaining interest on current loan vs projected interest on refinance
Payment estimates here are principal-and-interest focused unless escrow is entered for display purposes.

FAQ

When does refinancing usually make sense?

It often makes sense when the new rate is lower enough to offset fees within a reasonable break-even period, or when you need a shorter term, payment relief, or cash out.

Why can a refinance lower my payment but still cost more total interest?

A longer new term can stretch payments over more months, reducing the monthly amount while increasing total interest paid over time.

What is break-even?

Break-even is the number of months it takes for monthly savings to recover upfront refinance costs. If monthly savings are zero or negative, there may be no payment-based break-even.

Does cash-out refinancing change the math?

Yes. Cash-out increases the new loan amount, which can raise the payment and total interest even if the new rate is lower.

Tool Info

Last updated:

Updates may include UI improvements, edge-case handling, and expanded refinance comparison logic.