Refinance Calculator - Mortgage Savings
Free Refinance Calculator. Calculate your mortgage refinance savings. Compare current loan with new rates, estimate monthly payments, and see how much interest you can save.
Net Savings Over Term
$37,096
Monthly Savings: $171/mo
Recoup Time (Break-Even)24 MonthsTo recoup closing costs
Closing Expenditures$4,000Refinance fees
Refinance parameters
$200,000
Current Loan details
New Refinance details
$4,000
Payment Comparison
Current Monthly Premium$1,491
New Monthly Premium$1,320
Remaining Interest (Current)$157,875
New Loan Interest (Total)$116,779
Break-Even Recoup Tip
Refinancing is financially sensible if you plan to stay in the home longer than the break-even period. In this scenario, it will take 24 months of monthly interest savings to offset the upfront $4,000 closing fees.