Refinance Calculator
Calculate potential savings from refinancing your mortgage. Compare costs, break-even time, and total savings to make an informed refinancing decision.
Refinance Analysis
Recommendation
Calculating...
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Monthly Payment Comparison
Current Payment
$1,799
New Payment
$1,599
Monthly Savings
$200
Break-even Analysis
Break-even Time
18 months
Total Closing Costs
$3,500
Total Savings
Total Interest Saved
$45,000
Net Savings (After Costs)
$41,500
Lifetime Savings
$65,000
Key Statistics
Rate Reduction:
1.00%
New Loan Amount:
$253,500
Time to Recoup Costs:
18 months
Cost-Benefit Analysis
Benefits of Refinancing
Monthly Payment Savings
$200/month
Total Interest Savings
$45,000
Rate Improvement
1.00%
Total Benefits
$45,000
Costs of Refinancing
Closing Costs
$3,500
Additional Interest (Term Extension)
$0
Opportunity Cost
$0
Total Costs
$3,500
When to Refinance
- • Interest rates have dropped significantly
- • Your credit score has improved
- • You want to switch loan types (ARM to fixed)
- • You need to remove PMI
- • You want to access home equity (cash-out)
- • You plan to stay in the home long-term
Refinancing Considerations
- • Factor in all closing costs and fees
- • Consider break-even time vs. how long you'll stay
- • Evaluate total interest over loan life
- • Don't restart the clock unless beneficial
- • Compare multiple lender offers
- • Consider current vs. new loan term impact