Should You Refinance?

Compare your current mortgage to a new refinanced loan. See your monthly savings, break-even point, and total lifetime savings.

🏠 Current Mortgage

Remaining Balance ($)

Current Rate (%)

Years Remaining

🔄 New Refinanced Loan

New Rate (%)

New Term (years)

Closing Costs ($) Typically 2-5% of loan amount

Advanced Options ▼

Cash-Out Amount ($)

Roll closing costs into loan?

📊 Refinance Analysis

💰 Monthly Savings

Current Monthly Payment $1,960.37

New Monthly Payment $1,724.15

              Monthly Savings
              $236.22
            

Break-Even

19 mo

Lifetime Savings

$48,210

Verdict

✅ Do It

📋 Total Cost Comparison

Current: Total Remaining $635,160

Current: Total Interest Left $355,160

New: Total Payments $620,694

New: Total Interest $340,694

Closing Costs $4,500

              Net Savings
              $9,966
            

💡 Refinance Insight

You'll recover your closing costs in 19 months and save $236.22/month after that. Over the life of the loan, you'll save $9,966 net.

📈 How Much Does a Rate Drop Save?

New Rate	Monthly Payment	Monthly Savings	Break-Even	Net Savings (Life)

Disclaimer: This calculator provides estimates. Actual refinance terms depend on credit score, LTV, and lender requirements. This is not financial advice — consult a mortgage professional.