Refinance Calculator
Considering a mortgage refinance to lower your monthly payments or consolidate debt? Our user-friendly refinance calculator is the first step to financial clarity. This powerful, easy-to-use tool helps you instantly estimate your new mortgage payment and see potential interest savings based on current refinance rates. Enter a few details about your current loan and our calculator will provide a personalized estimate, helping you decide if refinancing is the right financial move for you and your family.
The refinance calculator lets you enter today’s balance, remaining term, and rate, then test a new rate, term, points, and estimated fees. The goal is to decide if a refi makes financial sense and how long it takes to recoup costs. Use the results to choose a clear path-stay put, lower your payment for flexibility, or refinance into a shorter term to finish faster while minimizing lifetime interest.
Compare your current loan to a new offer. See the new payment, APR, break-even, and lifetime savings.
The APR for the new loan is 6.168%, which is 0.832% lower than the current 7.000% rate. Refinancing would be less expensive.
New monthly payment: $1,837.65
- $37.65/month increase in monthly pay
- 46 months faster payoff
- $73,765.04 lifetime savings
- $0.00 upfront cost (paid out of pocket)
- Break-even point: 0 months
| Current loan (remaining) | New loan | Difference | |
|---|---|---|---|
| Principal/loan amount | $250,000.00 | $256,500.00 | $6,500.00 |
| Monthly pay | $1,800.00 | $1,837.65 | $37.65 |
| Length | 286 months | 240 months | 46 months |
| Interest rate / APR | 7.000% | 6.168% | 0.832% |
| Total monthly payments | $514,800.00 | $441,034.96 | $73,765.04 |
| Total interest | $264,800.00 | $184,534.96 | $80,265.04 |
| Cost + points (upfront) | $0 | rolled into loan | $0.00 |
| Time to recover cost/points | - | 0 months | - |
Current loan schedule (monthly)
| Month | Interest | Principal | Ending balance |
|---|---|---|---|
| 1 | $1,458.33 | $341.67 | $249,658.33 |
| 2 | $1,456.34 | $343.66 | $249,314.67 |
| 3 | $1,454.34 | $345.66 | $248,969.01 |
| 4 | $1,452.32 | $347.68 | $248,621.33 |
| 5 | $1,450.29 | $349.71 | $248,271.62 |
| 6 | $1,448.25 | $351.75 | $247,919.87 |
| 7 | $1,446.20 | $353.80 | $247,566.07 |
| 8 | $1,444.14 | $355.86 | $247,210.21 |
| 9 | $1,442.06 | $357.94 | $246,852.26 |
| 10 | $1,439.97 | $360.03 | $246,492.24 |
| 11 | $1,437.87 | $362.13 | $246,130.11 |
| 12 | $1,435.76 | $364.24 | $245,765.87 |
| 13 | $1,433.63 | $366.37 | $245,399.50 |
| 14 | $1,431.50 | $368.50 | $245,031.00 |
| 15 | $1,429.35 | $370.65 | $244,660.35 |
| 16 | $1,427.19 | $372.81 | $244,287.53 |
| 17 | $1,425.01 | $374.99 | $243,912.54 |
| 18 | $1,422.82 | $377.18 | $243,535.36 |
| 19 | $1,420.62 | $379.38 | $243,155.99 |
| 20 | $1,418.41 | $381.59 | $242,774.40 |
| 21 | $1,416.18 | $383.82 | $242,390.58 |
| 22 | $1,413.95 | $386.05 | $242,004.53 |
| 23 | $1,411.69 | $388.31 | $241,616.22 |
| 24 | $1,409.43 | $390.57 | $241,225.65 |
| 25 | $1,407.15 | $392.85 | $240,832.80 |
| 26 | $1,404.86 | $395.14 | $240,437.66 |
| 27 | $1,402.55 | $397.45 | $240,040.21 |
| 28 | $1,400.23 | $399.77 | $239,640.44 |
| 29 | $1,397.90 | $402.10 | $239,238.35 |
| 30 | $1,395.56 | $404.44 | $238,833.90 |
| 31 | $1,393.20 | $406.80 | $238,427.10 |
| 32 | $1,390.82 | $409.18 | $238,017.92 |
| 33 | $1,388.44 | $411.56 | $237,606.36 |
| 34 | $1,386.04 | $413.96 | $237,192.40 |
| 35 | $1,383.62 | $416.38 | $236,776.02 |
| 36 | $1,381.19 | $418.81 | $236,357.22 |
| 37 | $1,378.75 | $421.25 | $235,935.97 |
| 38 | $1,376.29 | $423.71 | $235,512.26 |
| 39 | $1,373.82 | $426.18 | $235,086.08 |
| 40 | $1,371.34 | $428.66 | $234,657.42 |
| 41 | $1,368.83 | $431.17 | $234,226.25 |
| 42 | $1,366.32 | $433.68 | $233,792.57 |
| 43 | $1,363.79 | $436.21 | $233,356.36 |
| 44 | $1,361.25 | $438.75 | $232,917.61 |
| 45 | $1,358.69 | $441.31 | $232,476.29 |
| 46 | $1,356.11 | $443.89 | $232,032.40 |
| 47 | $1,353.52 | $446.48 | $231,585.93 |
| 48 | $1,350.92 | $449.08 | $231,136.84 |
| 49 | $1,348.30 | $451.70 | $230,685.14 |
| 50 | $1,345.66 | $454.34 | $230,230.81 |
| 51 | $1,343.01 | $456.99 | $229,773.82 |
| 52 | $1,340.35 | $459.65 | $229,314.17 |
| 53 | $1,337.67 | $462.33 | $228,851.83 |
| 54 | $1,334.97 | $465.03 | $228,386.80 |
| 55 | $1,332.26 | $467.74 | $227,919.06 |
| 56 | $1,329.53 | $470.47 | $227,448.59 |
| 57 | $1,326.78 | $473.22 | $226,975.37 |
| 58 | $1,324.02 | $475.98 | $226,499.39 |
| 59 | $1,321.25 | $478.75 | $226,020.64 |
| 60 | $1,318.45 | $481.55 | $225,539.09 |
| 61 | $1,315.64 | $484.36 | $225,054.74 |
| 62 | $1,312.82 | $487.18 | $224,567.56 |
| 63 | $1,309.98 | $490.02 | $224,077.53 |
| 64 | $1,307.12 | $492.88 | $223,584.65 |
| 65 | $1,304.24 | $495.76 | $223,088.90 |
| 66 | $1,301.35 | $498.65 | $222,590.25 |
| 67 | $1,298.44 | $501.56 | $222,088.69 |
| 68 | $1,295.52 | $504.48 | $221,584.21 |
| 69 | $1,292.57 | $507.43 | $221,076.78 |
| 70 | $1,289.61 | $510.39 | $220,566.40 |
| 71 | $1,286.64 | $513.36 | $220,053.03 |
| 72 | $1,283.64 | $516.36 | $219,536.68 |
| 73 | $1,280.63 | $519.37 | $219,017.31 |
| 74 | $1,277.60 | $522.40 | $218,494.91 |
| 75 | $1,274.55 | $525.45 | $217,969.46 |
| 76 | $1,271.49 | $528.51 | $217,440.95 |
| 77 | $1,268.41 | $531.59 | $216,909.36 |
| 78 | $1,265.30 | $534.70 | $216,374.66 |
| 79 | $1,262.19 | $537.81 | $215,836.85 |
| 80 | $1,259.05 | $540.95 | $215,295.90 |
| 81 | $1,255.89 | $544.11 | $214,751.79 |
| 82 | $1,252.72 | $547.28 | $214,204.51 |
| 83 | $1,249.53 | $550.47 | $213,654.03 |
| 84 | $1,246.32 | $553.68 | $213,100.35 |
| 85 | $1,243.09 | $556.91 | $212,543.43 |
| 86 | $1,239.84 | $560.16 | $211,983.27 |
| 87 | $1,236.57 | $563.43 | $211,419.84 |
| 88 | $1,233.28 | $566.72 | $210,853.12 |
| 89 | $1,229.98 | $570.02 | $210,283.10 |
| 90 | $1,226.65 | $573.35 | $209,709.75 |
| 91 | $1,223.31 | $576.69 | $209,133.06 |
| 92 | $1,219.94 | $580.06 | $208,553.00 |
| 93 | $1,216.56 | $583.44 | $207,969.56 |
| 94 | $1,213.16 | $586.84 | $207,382.71 |
| 95 | $1,209.73 | $590.27 | $206,792.45 |
| 96 | $1,206.29 | $593.71 | $206,198.74 |
| 97 | $1,202.83 | $597.17 | $205,601.56 |
| 98 | $1,199.34 | $600.66 | $205,000.90 |
| 99 | $1,195.84 | $604.16 | $204,396.74 |
| 100 | $1,192.31 | $607.69 | $203,789.06 |
| 101 | $1,188.77 | $611.23 | $203,177.83 |
| 102 | $1,185.20 | $614.80 | $202,563.03 |
| 103 | $1,181.62 | $618.38 | $201,944.65 |
| 104 | $1,178.01 | $621.99 | $201,322.66 |
| 105 | $1,174.38 | $625.62 | $200,697.04 |
| 106 | $1,170.73 | $629.27 | $200,067.77 |
| 107 | $1,167.06 | $632.94 | $199,434.84 |
| 108 | $1,163.37 | $636.63 | $198,798.21 |
| 109 | $1,159.66 | $640.34 | $198,157.86 |
| 110 | $1,155.92 | $644.08 | $197,513.78 |
| 111 | $1,152.16 | $647.84 | $196,865.95 |
| 112 | $1,148.38 | $651.62 | $196,214.33 |
| 113 | $1,144.58 | $655.42 | $195,558.92 |
| 114 | $1,140.76 | $659.24 | $194,899.68 |
| 115 | $1,136.91 | $663.09 | $194,236.59 |
| 116 | $1,133.05 | $666.95 | $193,569.64 |
| 117 | $1,129.16 | $670.84 | $192,898.79 |
| 118 | $1,125.24 | $674.76 | $192,224.04 |
| 119 | $1,121.31 | $678.69 | $191,545.34 |
| 120 | $1,117.35 | $682.65 | $190,862.69 |
| 121 | $1,113.37 | $686.63 | $190,176.06 |
| 122 | $1,109.36 | $690.64 | $189,485.42 |
| 123 | $1,105.33 | $694.67 | $188,790.75 |
| 124 | $1,101.28 | $698.72 | $188,092.03 |
| 125 | $1,097.20 | $702.80 | $187,389.23 |
| 126 | $1,093.10 | $706.90 | $186,682.34 |
| 127 | $1,088.98 | $711.02 | $185,971.32 |
| 128 | $1,084.83 | $715.17 | $185,256.15 |
| 129 | $1,080.66 | $719.34 | $184,536.81 |
| 130 | $1,076.46 | $723.54 | $183,813.27 |
| 131 | $1,072.24 | $727.76 | $183,085.52 |
| 132 | $1,068.00 | $732.00 | $182,353.52 |
| 133 | $1,063.73 | $736.27 | $181,617.25 |
| 134 | $1,059.43 | $740.57 | $180,876.68 |
| 135 | $1,055.11 | $744.89 | $180,131.79 |
| 136 | $1,050.77 | $749.23 | $179,382.56 |
| 137 | $1,046.40 | $753.60 | $178,628.96 |
| 138 | $1,042.00 | $758.00 | $177,870.96 |
| 139 | $1,037.58 | $762.42 | $177,108.54 |
| 140 | $1,033.13 | $766.87 | $176,341.68 |
| 141 | $1,028.66 | $771.34 | $175,570.34 |
| 142 | $1,024.16 | $775.84 | $174,794.50 |
| 143 | $1,019.63 | $780.37 | $174,014.13 |
| 144 | $1,015.08 | $784.92 | $173,229.21 |
| 145 | $1,010.50 | $789.50 | $172,439.72 |
| 146 | $1,005.90 | $794.10 | $171,645.62 |
| 147 | $1,001.27 | $798.73 | $170,846.88 |
| 148 | $996.61 | $803.39 | $170,043.49 |
| 149 | $991.92 | $808.08 | $169,235.41 |
| 150 | $987.21 | $812.79 | $168,422.62 |
| 151 | $982.47 | $817.53 | $167,605.08 |
| 152 | $977.70 | $822.30 | $166,782.78 |
| 153 | $972.90 | $827.10 | $165,955.68 |
| 154 | $968.07 | $831.93 | $165,123.75 |
| 155 | $963.22 | $836.78 | $164,286.97 |
| 156 | $958.34 | $841.66 | $163,445.31 |
| 157 | $953.43 | $846.57 | $162,598.74 |
| 158 | $948.49 | $851.51 | $161,747.24 |
| 159 | $943.53 | $856.47 | $160,890.76 |
| 160 | $938.53 | $861.47 | $160,029.29 |
| 161 | $933.50 | $866.50 | $159,162.80 |
| 162 | $928.45 | $871.55 | $158,291.25 |
| 163 | $923.37 | $876.63 | $157,414.61 |
| 164 | $918.25 | $881.75 | $156,532.86 |
| 165 | $913.11 | $886.89 | $155,645.97 |
| 166 | $907.93 | $892.07 | $154,753.91 |
| 167 | $902.73 | $897.27 | $153,856.64 |
| 168 | $897.50 | $902.50 | $152,954.14 |
| 169 | $892.23 | $907.77 | $152,046.37 |
| 170 | $886.94 | $913.06 | $151,133.30 |
| 171 | $881.61 | $918.39 | $150,214.92 |
| 172 | $876.25 | $923.75 | $149,291.17 |
| 173 | $870.87 | $929.13 | $148,362.03 |
| 174 | $865.45 | $934.55 | $147,427.48 |
| 175 | $859.99 | $940.01 | $146,487.47 |
| 176 | $854.51 | $945.49 | $145,541.98 |
| 177 | $848.99 | $951.01 | $144,590.98 |
| 178 | $843.45 | $956.55 | $143,634.43 |
| 179 | $837.87 | $962.13 | $142,672.29 |
| 180 | $832.26 | $967.74 | $141,704.55 |
| 181 | $826.61 | $973.39 | $140,731.16 |
| 182 | $820.93 | $979.07 | $139,752.09 |
| 183 | $815.22 | $984.78 | $138,767.31 |
| 184 | $809.48 | $990.52 | $137,776.79 |
| 185 | $803.70 | $996.30 | $136,780.48 |
| 186 | $797.89 | $1,002.11 | $135,778.37 |
| 187 | $792.04 | $1,007.96 | $134,770.41 |
| 188 | $786.16 | $1,013.84 | $133,756.57 |
| 189 | $780.25 | $1,019.75 | $132,736.82 |
| 190 | $774.30 | $1,025.70 | $131,711.12 |
| 191 | $768.31 | $1,031.69 | $130,679.43 |
| 192 | $762.30 | $1,037.70 | $129,641.73 |
| 193 | $756.24 | $1,043.76 | $128,597.97 |
| 194 | $750.15 | $1,049.85 | $127,548.13 |
| 195 | $744.03 | $1,055.97 | $126,492.16 |
| 196 | $737.87 | $1,062.13 | $125,430.03 |
| 197 | $731.68 | $1,068.32 | $124,361.70 |
| 198 | $725.44 | $1,074.56 | $123,287.15 |
| 199 | $719.18 | $1,080.82 | $122,206.32 |
| 200 | $712.87 | $1,087.13 | $121,119.19 |
| 201 | $706.53 | $1,093.47 | $120,025.72 |
| 202 | $700.15 | $1,099.85 | $118,925.87 |
| 203 | $693.73 | $1,106.27 | $117,819.60 |
| 204 | $687.28 | $1,112.72 | $116,706.89 |
| 205 | $680.79 | $1,119.21 | $115,587.68 |
| 206 | $674.26 | $1,125.74 | $114,461.94 |
| 207 | $667.69 | $1,132.31 | $113,329.63 |
| 208 | $661.09 | $1,138.91 | $112,190.72 |
| 209 | $654.45 | $1,145.55 | $111,045.17 |
| 210 | $647.76 | $1,152.24 | $109,892.93 |
| 211 | $641.04 | $1,158.96 | $108,733.97 |
| 212 | $634.28 | $1,165.72 | $107,568.25 |
| 213 | $627.48 | $1,172.52 | $106,395.74 |
| 214 | $620.64 | $1,179.36 | $105,216.38 |
| 215 | $613.76 | $1,186.24 | $104,030.14 |
| 216 | $606.84 | $1,193.16 | $102,836.98 |
| 217 | $599.88 | $1,200.12 | $101,636.86 |
| 218 | $592.88 | $1,207.12 | $100,429.75 |
| 219 | $585.84 | $1,214.16 | $99,215.59 |
| 220 | $578.76 | $1,221.24 | $97,994.34 |
| 221 | $571.63 | $1,228.37 | $96,765.98 |
| 222 | $564.47 | $1,235.53 | $95,530.45 |
| 223 | $557.26 | $1,242.74 | $94,287.71 |
| 224 | $550.01 | $1,249.99 | $93,037.72 |
| 225 | $542.72 | $1,257.28 | $91,780.44 |
| 226 | $535.39 | $1,264.61 | $90,515.82 |
| 227 | $528.01 | $1,271.99 | $89,243.83 |
| 228 | $520.59 | $1,279.41 | $87,964.42 |
| 229 | $513.13 | $1,286.87 | $86,677.55 |
| 230 | $505.62 | $1,294.38 | $85,383.17 |
| 231 | $498.07 | $1,301.93 | $84,081.24 |
| 232 | $490.47 | $1,309.53 | $82,771.71 |
| 233 | $482.83 | $1,317.17 | $81,454.55 |
| 234 | $475.15 | $1,324.85 | $80,129.70 |
| 235 | $467.42 | $1,332.58 | $78,797.12 |
| 236 | $459.65 | $1,340.35 | $77,456.77 |
| 237 | $451.83 | $1,348.17 | $76,108.60 |
| 238 | $443.97 | $1,356.03 | $74,752.57 |
| 239 | $436.06 | $1,363.94 | $73,388.62 |
| 240 | $428.10 | $1,371.90 | $72,016.72 |
| 241 | $420.10 | $1,379.90 | $70,636.82 |
| 242 | $412.05 | $1,387.95 | $69,248.87 |
| 243 | $403.95 | $1,396.05 | $67,852.82 |
| 244 | $395.81 | $1,404.19 | $66,448.63 |
| 245 | $387.62 | $1,412.38 | $65,036.25 |
| 246 | $379.38 | $1,420.62 | $63,615.63 |
| 247 | $371.09 | $1,428.91 | $62,186.72 |
| 248 | $362.76 | $1,437.24 | $60,749.47 |
| 249 | $354.37 | $1,445.63 | $59,303.84 |
| 250 | $345.94 | $1,454.06 | $57,849.78 |
| 251 | $337.46 | $1,462.54 | $56,387.24 |
| 252 | $328.93 | $1,471.07 | $54,916.17 |
| 253 | $320.34 | $1,479.66 | $53,436.51 |
| 254 | $311.71 | $1,488.29 | $51,948.22 |
| 255 | $303.03 | $1,496.97 | $50,451.25 |
| 256 | $294.30 | $1,505.70 | $48,945.55 |
| 257 | $285.52 | $1,514.48 | $47,431.07 |
| 258 | $276.68 | $1,523.32 | $45,907.75 |
| 259 | $267.80 | $1,532.20 | $44,375.55 |
| 260 | $258.86 | $1,541.14 | $42,834.40 |
| 261 | $249.87 | $1,550.13 | $41,284.27 |
| 262 | $240.82 | $1,559.18 | $39,725.10 |
| 263 | $231.73 | $1,568.27 | $38,156.82 |
| 264 | $222.58 | $1,577.42 | $36,579.41 |
| 265 | $213.38 | $1,586.62 | $34,992.79 |
| 266 | $204.12 | $1,595.88 | $33,396.91 |
| 267 | $194.82 | $1,605.18 | $31,791.73 |
| 268 | $185.45 | $1,614.55 | $30,177.18 |
| 269 | $176.03 | $1,623.97 | $28,553.21 |
| 270 | $166.56 | $1,633.44 | $26,919.77 |
| 271 | $157.03 | $1,642.97 | $25,276.80 |
| 272 | $147.45 | $1,652.55 | $23,624.25 |
| 273 | $137.81 | $1,662.19 | $21,962.06 |
| 274 | $128.11 | $1,671.89 | $20,290.17 |
| 275 | $118.36 | $1,681.64 | $18,608.53 |
| 276 | $108.55 | $1,691.45 | $16,917.08 |
| 277 | $98.68 | $1,701.32 | $15,215.76 |
| 278 | $88.76 | $1,711.24 | $13,504.52 |
| 279 | $78.78 | $1,721.22 | $11,783.30 |
| 280 | $68.74 | $1,731.26 | $10,052.04 |
| 281 | $58.64 | $1,741.36 | $8,310.67 |
| 282 | $48.48 | $1,751.52 | $6,559.15 |
| 283 | $38.26 | $1,761.74 | $4,797.41 |
| 284 | $27.98 | $1,772.02 | $3,025.40 |
| 285 | $17.65 | $1,782.35 | $1,243.05 |
| 286 | $7.25 | $1,243.05 | $0.00 |
New loan schedule (monthly)
| Month | Interest | Principal | Ending balance |
|---|---|---|---|
| 1 | $1,282.50 | $555.15 | $255,944.85 |
| 2 | $1,279.72 | $557.92 | $255,386.93 |
| 3 | $1,276.93 | $560.71 | $254,826.22 |
| 4 | $1,274.13 | $563.51 | $254,262.71 |
| 5 | $1,271.31 | $566.33 | $253,696.38 |
| 6 | $1,268.48 | $569.16 | $253,127.21 |
| 7 | $1,265.64 | $572.01 | $252,555.20 |
| 8 | $1,262.78 | $574.87 | $251,980.33 |
| 9 | $1,259.90 | $577.74 | $251,402.59 |
| 10 | $1,257.01 | $580.63 | $250,821.96 |
| 11 | $1,254.11 | $583.54 | $250,238.42 |
| 12 | $1,251.19 | $586.45 | $249,651.97 |
| 13 | $1,248.26 | $589.39 | $249,062.58 |
| 14 | $1,245.31 | $592.33 | $248,470.25 |
| 15 | $1,242.35 | $595.29 | $247,874.95 |
| 16 | $1,239.37 | $598.27 | $247,276.68 |
| 17 | $1,236.38 | $601.26 | $246,675.42 |
| 18 | $1,233.38 | $604.27 | $246,071.15 |
| 19 | $1,230.36 | $607.29 | $245,463.86 |
| 20 | $1,227.32 | $610.33 | $244,853.54 |
| 21 | $1,224.27 | $613.38 | $244,240.16 |
| 22 | $1,221.20 | $616.44 | $243,623.71 |
| 23 | $1,218.12 | $619.53 | $243,004.19 |
| 24 | $1,215.02 | $622.62 | $242,381.56 |
| 25 | $1,211.91 | $625.74 | $241,755.82 |
| 26 | $1,208.78 | $628.87 | $241,126.96 |
| 27 | $1,205.63 | $632.01 | $240,494.94 |
| 28 | $1,202.47 | $635.17 | $239,859.77 |
| 29 | $1,199.30 | $638.35 | $239,221.43 |
| 30 | $1,196.11 | $641.54 | $238,579.89 |
| 31 | $1,192.90 | $644.75 | $237,935.14 |
| 32 | $1,189.68 | $647.97 | $237,287.17 |
| 33 | $1,186.44 | $651.21 | $236,635.96 |
| 34 | $1,183.18 | $654.47 | $235,981.50 |
| 35 | $1,179.91 | $657.74 | $235,323.76 |
| 36 | $1,176.62 | $661.03 | $234,662.73 |
| 37 | $1,173.31 | $664.33 | $233,998.40 |
| 38 | $1,169.99 | $667.65 | $233,330.75 |
| 39 | $1,166.65 | $670.99 | $232,659.75 |
| 40 | $1,163.30 | $674.35 | $231,985.41 |
| 41 | $1,159.93 | $677.72 | $231,307.69 |
| 42 | $1,156.54 | $681.11 | $230,626.58 |
| 43 | $1,153.13 | $684.51 | $229,942.07 |
| 44 | $1,149.71 | $687.94 | $229,254.13 |
| 45 | $1,146.27 | $691.37 | $228,562.76 |
| 46 | $1,142.81 | $694.83 | $227,867.93 |
| 47 | $1,139.34 | $698.31 | $227,169.62 |
| 48 | $1,135.85 | $701.80 | $226,467.82 |
| 49 | $1,132.34 | $705.31 | $225,762.52 |
| 50 | $1,128.81 | $708.83 | $225,053.68 |
| 51 | $1,125.27 | $712.38 | $224,341.31 |
| 52 | $1,121.71 | $715.94 | $223,625.37 |
| 53 | $1,118.13 | $719.52 | $222,905.85 |
| 54 | $1,114.53 | $723.12 | $222,182.73 |
| 55 | $1,110.91 | $726.73 | $221,456.00 |
| 56 | $1,107.28 | $730.37 | $220,725.63 |
| 57 | $1,103.63 | $734.02 | $219,991.62 |
| 58 | $1,099.96 | $737.69 | $219,253.93 |
| 59 | $1,096.27 | $741.38 | $218,512.55 |
| 60 | $1,092.56 | $745.08 | $217,767.47 |
| 61 | $1,088.84 | $748.81 | $217,018.66 |
| 62 | $1,085.09 | $752.55 | $216,266.11 |
| 63 | $1,081.33 | $756.32 | $215,509.79 |
| 64 | $1,077.55 | $760.10 | $214,749.70 |
| 65 | $1,073.75 | $763.90 | $213,985.80 |
| 66 | $1,069.93 | $767.72 | $213,218.08 |
| 67 | $1,066.09 | $771.56 | $212,446.53 |
| 68 | $1,062.23 | $775.41 | $211,671.12 |
| 69 | $1,058.36 | $779.29 | $210,891.83 |
| 70 | $1,054.46 | $783.19 | $210,108.64 |
| 71 | $1,050.54 | $787.10 | $209,321.54 |
| 72 | $1,046.61 | $791.04 | $208,530.50 |
| 73 | $1,042.65 | $794.99 | $207,735.51 |
| 74 | $1,038.68 | $798.97 | $206,936.54 |
| 75 | $1,034.68 | $802.96 | $206,133.57 |
| 76 | $1,030.67 | $806.98 | $205,326.60 |
| 77 | $1,026.63 | $811.01 | $204,515.58 |
| 78 | $1,022.58 | $815.07 | $203,700.52 |
| 79 | $1,018.50 | $819.14 | $202,881.37 |
| 80 | $1,014.41 | $823.24 | $202,058.13 |
| 81 | $1,010.29 | $827.35 | $201,230.78 |
| 82 | $1,006.15 | $831.49 | $200,399.29 |
| 83 | $1,002.00 | $835.65 | $199,563.64 |
| 84 | $997.82 | $839.83 | $198,723.81 |
| 85 | $993.62 | $844.03 | $197,879.78 |
| 86 | $989.40 | $848.25 | $197,031.54 |
| 87 | $985.16 | $852.49 | $196,179.05 |
| 88 | $980.90 | $856.75 | $195,322.30 |
| 89 | $976.61 | $861.03 | $194,461.26 |
| 90 | $972.31 | $865.34 | $193,595.93 |
| 91 | $967.98 | $869.67 | $192,726.26 |
| 92 | $963.63 | $874.01 | $191,852.24 |
| 93 | $959.26 | $878.38 | $190,973.86 |
| 94 | $954.87 | $882.78 | $190,091.08 |
| 95 | $950.46 | $887.19 | $189,203.89 |
| 96 | $946.02 | $891.63 | $188,312.27 |
| 97 | $941.56 | $896.08 | $187,416.18 |
| 98 | $937.08 | $900.56 | $186,515.62 |
| 99 | $932.58 | $905.07 | $185,610.55 |
| 100 | $928.05 | $909.59 | $184,700.96 |
| 101 | $923.50 | $914.14 | $183,786.82 |
| 102 | $918.93 | $918.71 | $182,868.11 |
| 103 | $914.34 | $923.31 | $181,944.80 |
| 104 | $909.72 | $927.92 | $181,016.88 |
| 105 | $905.08 | $932.56 | $180,084.32 |
| 106 | $900.42 | $937.22 | $179,147.09 |
| 107 | $895.74 | $941.91 | $178,205.18 |
| 108 | $891.03 | $946.62 | $177,258.56 |
| 109 | $886.29 | $951.35 | $176,307.21 |
| 110 | $881.54 | $956.11 | $175,351.10 |
| 111 | $876.76 | $960.89 | $174,390.21 |
| 112 | $871.95 | $965.69 | $173,424.52 |
| 113 | $867.12 | $970.52 | $172,453.99 |
| 114 | $862.27 | $975.38 | $171,478.62 |
| 115 | $857.39 | $980.25 | $170,498.36 |
| 116 | $852.49 | $985.15 | $169,513.21 |
| 117 | $847.57 | $990.08 | $168,523.13 |
| 118 | $842.62 | $995.03 | $167,528.10 |
| 119 | $837.64 | $1,000.01 | $166,528.10 |
| 120 | $832.64 | $1,005.01 | $165,523.09 |
| 121 | $827.62 | $1,010.03 | $164,513.06 |
| 122 | $822.57 | $1,015.08 | $163,497.98 |
| 123 | $817.49 | $1,020.16 | $162,477.82 |
| 124 | $812.39 | $1,025.26 | $161,452.57 |
| 125 | $807.26 | $1,030.38 | $160,422.19 |
| 126 | $802.11 | $1,035.53 | $159,386.65 |
| 127 | $796.93 | $1,040.71 | $158,345.94 |
| 128 | $791.73 | $1,045.92 | $157,300.02 |
| 129 | $786.50 | $1,051.15 | $156,248.88 |
| 130 | $781.24 | $1,056.40 | $155,192.48 |
| 131 | $775.96 | $1,061.68 | $154,130.79 |
| 132 | $770.65 | $1,066.99 | $153,063.80 |
| 133 | $765.32 | $1,072.33 | $151,991.47 |
| 134 | $759.96 | $1,077.69 | $150,913.79 |
| 135 | $754.57 | $1,083.08 | $149,830.71 |
| 136 | $749.15 | $1,088.49 | $148,742.22 |
| 137 | $743.71 | $1,093.93 | $147,648.28 |
| 138 | $738.24 | $1,099.40 | $146,548.88 |
| 139 | $732.74 | $1,104.90 | $145,443.98 |
| 140 | $727.22 | $1,110.43 | $144,333.55 |
| 141 | $721.67 | $1,115.98 | $143,217.57 |
| 142 | $716.09 | $1,121.56 | $142,096.01 |
| 143 | $710.48 | $1,127.17 | $140,968.85 |
| 144 | $704.84 | $1,132.80 | $139,836.05 |
| 145 | $699.18 | $1,138.47 | $138,697.58 |
| 146 | $693.49 | $1,144.16 | $137,553.42 |
| 147 | $687.77 | $1,149.88 | $136,403.55 |
| 148 | $682.02 | $1,155.63 | $135,247.92 |
| 149 | $676.24 | $1,161.41 | $134,086.51 |
| 150 | $670.43 | $1,167.21 | $132,919.30 |
| 151 | $664.60 | $1,173.05 | $131,746.25 |
| 152 | $658.73 | $1,178.91 | $130,567.34 |
| 153 | $652.84 | $1,184.81 | $129,382.53 |
| 154 | $646.91 | $1,190.73 | $128,191.79 |
| 155 | $640.96 | $1,196.69 | $126,995.11 |
| 156 | $634.98 | $1,202.67 | $125,792.44 |
| 157 | $628.96 | $1,208.68 | $124,583.75 |
| 158 | $622.92 | $1,214.73 | $123,369.03 |
| 159 | $616.85 | $1,220.80 | $122,148.23 |
| 160 | $610.74 | $1,226.90 | $120,921.32 |
| 161 | $604.61 | $1,233.04 | $119,688.28 |
| 162 | $598.44 | $1,239.20 | $118,449.08 |
| 163 | $592.25 | $1,245.40 | $117,203.68 |
| 164 | $586.02 | $1,251.63 | $115,952.05 |
| 165 | $579.76 | $1,257.89 | $114,694.16 |
| 166 | $573.47 | $1,264.17 | $113,429.99 |
| 167 | $567.15 | $1,270.50 | $112,159.49 |
| 168 | $560.80 | $1,276.85 | $110,882.65 |
| 169 | $554.41 | $1,283.23 | $109,599.41 |
| 170 | $548.00 | $1,289.65 | $108,309.77 |
| 171 | $541.55 | $1,296.10 | $107,013.67 |
| 172 | $535.07 | $1,302.58 | $105,711.09 |
| 173 | $528.56 | $1,309.09 | $104,402.00 |
| 174 | $522.01 | $1,315.64 | $103,086.37 |
| 175 | $515.43 | $1,322.21 | $101,764.15 |
| 176 | $508.82 | $1,328.82 | $100,435.33 |
| 177 | $502.18 | $1,335.47 | $99,099.86 |
| 178 | $495.50 | $1,342.15 | $97,757.71 |
| 179 | $488.79 | $1,348.86 | $96,408.85 |
| 180 | $482.04 | $1,355.60 | $95,053.25 |
| 181 | $475.27 | $1,362.38 | $93,690.87 |
| 182 | $468.45 | $1,369.19 | $92,321.68 |
| 183 | $461.61 | $1,376.04 | $90,945.64 |
| 184 | $454.73 | $1,382.92 | $89,562.73 |
| 185 | $447.81 | $1,389.83 | $88,172.90 |
| 186 | $440.86 | $1,396.78 | $86,776.11 |
| 187 | $433.88 | $1,403.77 | $85,372.35 |
| 188 | $426.86 | $1,410.78 | $83,961.56 |
| 189 | $419.81 | $1,417.84 | $82,543.73 |
| 190 | $412.72 | $1,424.93 | $81,118.80 |
| 191 | $405.59 | $1,432.05 | $79,686.75 |
| 192 | $398.43 | $1,439.21 | $78,247.54 |
| 193 | $391.24 | $1,446.41 | $76,801.13 |
| 194 | $384.01 | $1,453.64 | $75,347.49 |
| 195 | $376.74 | $1,460.91 | $73,886.58 |
| 196 | $369.43 | $1,468.21 | $72,418.37 |
| 197 | $362.09 | $1,475.55 | $70,942.81 |
| 198 | $354.71 | $1,482.93 | $69,459.88 |
| 199 | $347.30 | $1,490.35 | $67,969.54 |
| 200 | $339.85 | $1,497.80 | $66,471.74 |
| 201 | $332.36 | $1,505.29 | $64,966.45 |
| 202 | $324.83 | $1,512.81 | $63,453.64 |
| 203 | $317.27 | $1,520.38 | $61,933.26 |
| 204 | $309.67 | $1,527.98 | $60,405.28 |
| 205 | $302.03 | $1,535.62 | $58,869.66 |
| 206 | $294.35 | $1,543.30 | $57,326.36 |
| 207 | $286.63 | $1,551.01 | $55,775.35 |
| 208 | $278.88 | $1,558.77 | $54,216.58 |
| 209 | $271.08 | $1,566.56 | $52,650.02 |
| 210 | $263.25 | $1,574.40 | $51,075.62 |
| 211 | $255.38 | $1,582.27 | $49,493.36 |
| 212 | $247.47 | $1,590.18 | $47,903.18 |
| 213 | $239.52 | $1,598.13 | $46,305.05 |
| 214 | $231.53 | $1,606.12 | $44,698.93 |
| 215 | $223.49 | $1,614.15 | $43,084.78 |
| 216 | $215.42 | $1,622.22 | $41,462.55 |
| 217 | $207.31 | $1,630.33 | $39,832.22 |
| 218 | $199.16 | $1,638.48 | $38,193.74 |
| 219 | $190.97 | $1,646.68 | $36,547.06 |
| 220 | $182.74 | $1,654.91 | $34,892.15 |
| 221 | $174.46 | $1,663.18 | $33,228.96 |
| 222 | $166.14 | $1,671.50 | $31,557.46 |
| 223 | $157.79 | $1,679.86 | $29,877.60 |
| 224 | $149.39 | $1,688.26 | $28,189.35 |
| 225 | $140.95 | $1,696.70 | $26,492.65 |
| 226 | $132.46 | $1,705.18 | $24,787.47 |
| 227 | $123.94 | $1,713.71 | $23,073.76 |
| 228 | $115.37 | $1,722.28 | $21,351.48 |
| 229 | $106.76 | $1,730.89 | $19,620.59 |
| 230 | $98.10 | $1,739.54 | $17,881.05 |
| 231 | $89.41 | $1,748.24 | $16,132.81 |
| 232 | $80.66 | $1,756.98 | $14,375.83 |
| 233 | $71.88 | $1,765.77 | $12,610.06 |
| 234 | $63.05 | $1,774.60 | $10,835.47 |
| 235 | $54.18 | $1,783.47 | $9,052.00 |
| 236 | $45.26 | $1,792.39 | $7,259.61 |
| 237 | $36.30 | $1,801.35 | $5,458.26 |
| 238 | $27.29 | $1,810.35 | $3,647.91 |
| 239 | $18.24 | $1,819.41 | $1,828.50 |
| 240 | $9.14 | $1,828.50 | $0.00 |
What our Refinance Calculator does
Our Refinance Calculator helps you compare your existing loan with a new offer in plain numbers. It estimates a new monthly payment, the effective APR once points and fees are considered, how long it may take to recover upfront costs, and the difference in total interest over time. Use it when you’re considering a lower rate, a shorter term, or a cash-out scenario. Results are estimates that ignore taxes, insurance, and lender-specific charges.
What is loan refinancing?
Refinancing means replacing an existing loan with a new one- ideally on better terms-then using the new proceeds to pay off the old balance. It’s common for home mortgages, auto loans, personal loans, and student loans. If the old loan is secured (backed by collateral), the new loan typically uses the same collateral. When the replacement happens under distress to avoid default, that process is closer to debt restructuring, which renegotiates delinquent debts to restore cash flow. This page focuses on standard, voluntary refinancing choices.
Common reasons to refinance
- Lower borrowing cost. If market rates or your credit profile improved, a new loan can cut interest charges. Even a small rate drop matters over long terms.
- Access cash. With enough equity, a cash-out refinance increases the principal and gives you funds for projects or obligations. Be mindful that it raises the amount owed and usually total interest paid.
- Easier monthly payment. Extending the term or lowering the rate can reduce the payment. The trade-off is typically more total interest over the life of the loan.
- Faster payoff. Moving to a shorter term (for example, 30-year to 15-year) can increase the payment but usually slashes total interest and builds equity faster.
- Simplify debt. Consolidating multiple balances into one loan can be easier to manage-just confirm the new rate and fees truly improve your situation.
- Switch rate type. You can move from a variable rate to fixed to lock in stability, or in some cases from fixed to variable if you expect to pay off quickly.
Mortgage refinance options
Cash-out refinance
You borrow more than your remaining balance and receive the difference in cash. Lenders often require a minimum equity cushion. Expect closing costs; because principal rises, payment and total interest can rise too.
Cash-in refinance
The opposite move-bring cash to closing to reduce principal. This can help you qualify for a better rate or avoid mortgage insurance.
FHA to conventional (or FHA streamline)
Borrowers with FHA loans sometimes refinance into a conventional loan after building sufficient equity to eliminate monthly mortgage insurance. There’s also an FHA streamline option that can simplify the process for existing FHA borrowers in good standing.
Rate-and-term refinance
Replace the remaining balance with a new rate and/or new term-no cash taken out. This is the most common scenario when rates drop or you want to shorten the payoff timeline.
ARM to fixed
Adjustable-rate mortgages often start low then adjust. Refinancing into a fixed rate during a favorable window can lock payment stability, especially if you plan to keep the loan longer.
Typical mortgage refinance costs
The list below is not exhaustive and varies by lender and location.
- Application/processing. Often quoted as a flat fee or a small percent of the amount.
- Appraisal. An opinion of value to confirm equity- commonly a few hundred dollars.
- Origination and/or points. Compensation for setting up the loan; points are prepaid interest (percentage of the loan).
- Document prep & underwriting. Costs for compliance and file review.
- Title search & insurance. Verifies ownership and protects against title defects.
- Recording & taxes. Local government charges to record the lien.
- Flood certification & inspections (where applicable). Property-specific requirements.
- Survey. Boundary verification where required.
Student loans
For federal student loans in the U.S., consider alternatives before refinancing into a private loan: income-driven repayment, deferment/forbearance for hardship, and program-specific forgiveness pathways. Refinancing federal loans to a private lender can permanently forfeit these protections. Private student loans are less flexible; some borrowers still benefit from refinancing if they qualify for a meaningfully lower rate.
Auto loans
Refinancing a car loan can lower the payment by lengthening the term or reducing the rate. Watch out for negative equity- cars depreciate faster than many loans amortize-plus any prepayment penalties in the existing note.
Credit cards
Revolving balances can sometimes be moved to a balance-transfer card with an introductory low or 0% rate. Account for transfer fees and credit limits. Another path is a fixed-rate personal loan to replace variable, higher-rate card debt-compare total cost, not just the rate.
Personal loans
People refinance personal loans when their credit profile improves or rates fall. Lenders assess credit history and debt-to-income. Some require you to pay the original balance down to a certain threshold before allowing a new loan.
Want to run related scenarios? Try Mortgage, Amortization, Loan, Auto Loan, or APR.
This content is educational and not advice. Always review lender disclosures and consult a professional for your situation.
Refinance Results interpretation
- APR drop: bigger drops are more persuasive; 0.5–1.0% can be meaningful depending on fees and how long you’ll keep the loan.
- Payment vs. term: a lower payment can still increase lifetime cost if the term is much longer; a shorter term often saves large amounts of interest.
- Who benefits: higher current rate, many years remaining, or switching to a shorter term. Be careful with cash-out if it restarts a long clock.
How to Calculate Refinancing
Show formulas
Payment formula: PMT = r × P / (1 − (1 + r)^−n), where r is the monthly rate, P the principal, and n the number of months. Remaining term uses the inverse of the payment equation (NPER). APR is the internal rate of return of the cash flows after including prepaid finance charges.
Assumptions: fixed rate, fully amortizing, monthly compounding, no escrow items, and fees/points either rolled in or paid at closing. Estimates only.
Refinance FAQs
When does refinancing a mortgage make sense?
It’s most useful when you can lower your interest rate, shorten your term without breaking your budget, remove monthly mortgage insurance, or switch from an ARM to a fixed rate. Always compare your break-even to how long you’ll keep the home.
How do I compute my break-even point?
Break-even months = Closing costs ÷ Monthly savings. If costs are $4,000 and your savings are $185/month, break-even is about 22 months. If you won’t keep the loan that long, consider skipping the refi.
How much lower should my rate be?
Many homeowners look for a 0.50%–1.00%+ drop, but costs and time horizon matter more than a fixed threshold. Use this calculator to model your exact break-even.
Does refinancing restart the clock on my mortgage?
Yes-new loans start a new amortization schedule. To avoid adding years, you can choose a shorter term (e.g., 25 years instead of 30) or add extra principal each month.
Can a refinance remove PMI/MIP?
Often. Conventional loans typically remove PMI at ≤80% loan-to-value. Many borrowers refi from FHA to conventional to eliminate monthly MIP once they’ve built enough equity.
What fees should I expect?
Appraisal, origination, discount points (optional), title/escrow, recording, credit, and other third-party fees. Your Loan Estimate itemizes each fee so you can compare offers apples-to-apples.
Is a cash-out refinance better than a HELOC?
Cash-out gives you one fixed loan but usually at higher pricing. A HELOC can be flexible with interest-only options, but rates are typically variable. Compare total costs, payment impact, and your time horizon.
Use cases & examples: Refinance
1) Lower rate, same term (payment savings)
Balance: $300,000. Remaining term: 25 years. Old rate: 6.50%. New rate: 5.50%. Monthly payment falls by roughly $183. If closing costs are $4,000, break-even is about 22 months. Staying longer than that typically means net savings over time.
2) Shorter term (pay off faster)
Balance: $300,000. Old: 30-year at 6.50%. New: 15-year at 5.25%. Payment is about $515 higher, but you could cut total interest by hundreds of thousands and finish years sooner-best for strong cash flow and long-term ownership.
3) Cash-out for projects or debt payoff
Turning equity into cash increases your loan amount and often your monthly payment. Compare the after-tax cost of the new mortgage to alternatives (HELOC, personal loan). Only proceed if the use of funds clearly outweighs the extra interest and any term extension.