Estimate your new monthly payment, monthly savings, lifetime interest savings, refinance break-even point, and total refinance cost based on your current loan and proposed refinance terms.
Current loan estimate:
The calculator estimates your current monthly payment using remaining balance, current rate, and years left.
New refinance estimate:
The new payment is calculated using the new rate, new term, and updated refinance balance.
Monthly savings:
The difference between the current monthly payment and the new monthly payment.
Break-even point:
Closing costs are divided by monthly savings to estimate how many months it may take to recover the refinance cost.
A refinance can lower your monthly payment, reduce lifetime interest, or both, but only if the new terms make financial sense after accounting for closing costs and any cash-out amount.
This is a planning estimate and not a lender disclosure or final refinance quote.
Your result shows estimated current payment, new payment, monthly savings, break-even point, lifetime interest comparison, and total refinance cost effect based on the numbers entered.
The break-even point is the number of months it may take for monthly payment savings to recover the refinance closing costs.
Yes. A longer new term can reduce the monthly payment while increasing total lifetime interest.
Cash-out increases the amount borrowed in the new loan, which usually raises the refinance balance and total repayment.
No. This is a planning estimate. Actual refinance offers can differ based on fees, lender structure, escrow treatment, and underwriting.