Refinance Calculator

Model a refinance using your current balance or original loan details, then compare monthly payment, interest, and payoff against a new loan—with optional cash-out, points, and closing costs.

Current loan

I know my remaining balance I know the original loan amount

Remaining loan balance

Annual interest rate (%)

Time remaining (years)

Additional months Combine with years for exact remaining term (e.g. 26 years + 3 months).

New loan

New loan term (years)

Annual interest rate (%)

Points (% of loan) Discount/origination expressed as percent of the new loan amount.

Costs & fees ($)

Cash out ($) Extra borrowed beyond paying off the current balance (typical for mortgages).

Finance points & fees into the new loan If unchecked, closing costs are assumed paid upfront (used for breakeven on payment savings).

Estimated payoff balance refinanced:

	Current loan	New loan	Difference
Loan amount
Interest rate			—
Term (months)
Monthly P&I
Total interest
Total P&I paid

Closing costs:

Monthly payment change:

Breakeven (recover upfront costs):

Figures assume fixed rates, level payments, no prepayment penalties, and that the new loan fully pays off the remaining balance shown. Total interest on the current loan is estimated over the remaining term only. This is educational—not lending advice.

How to read the comparison

The calculator estimates your current loan's remaining balance and payment, then models a new loan sized to pay it off (plus any cash-out and, if you choose to finance them, points and closing costs). It compares monthly payment, total interest, and total payments side by side, and — when costs are paid upfront rather than financed — calculates a breakeven period: how many months of lower payments it takes to recoup those upfront costs.

Frequently asked questions

Should I roll closing costs into the loan or pay them upfront? Rolling them in avoids an upfront cash outlay but means you pay interest on those costs for the life of the loan. Paying upfront costs more today but usually saves money long-term if you plan to stay in the home past the breakeven point.

What is a cash-out refinance? It's refinancing for more than your remaining balance, with the difference paid to you in cash — commonly used for debt consolidation or home improvements, but it increases your loan balance and total interest.

Is refinancing worth it if my new rate is only slightly lower? It depends on the closing costs and how long you plan to keep the loan — use the breakeven figure here to judge whether the savings outweigh the upfront cost within your expected time in the home.