Finance
Compare your current mortgage with a new loan side by side — monthly payment, total interest, break-even month, and whether the refinance pays off before you plan to move.
Results update as you type. No calculate button. All calculations run locally in your browser.
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| Current loan | New loan | Difference | |
|---|---|---|---|
| Monthly payment | — | — | — |
| Total interest | — | — | — |
| Total paid | — | — | — |
| Term | — | — | — |
Total interest for the current loan counts only the remaining term, not interest already paid.
Bars are scaled to the larger of the two totals. A lower payment can still mean more total interest when the new term is longer — check the verdict above.
| After | Saved vs staying put |
|---|
Cumulative saving counts only months where both loans are being repaid. After either loan ends, the comparison changes. Closing costs are recovered once cumulative saving passes them — that month is the break-even point.
Monthly payment = balance × monthly rate × (1 + monthly rate)payments ÷ [(1 + monthly rate)payments − 1]. Break-even months = closing costs ÷ monthly saving. Total interest = monthly payment × payments − balance.
Balance $300,000, current 7% with 20 years left: payment $2,325.90. New 5% for 20 years: payment $1,979.87, saving $346.03/month. With $4,000 closing costs, break-even is $4,000 ÷ $346.03 = 11.56 months. Total interest falls from $258,215.23 to $175,168.13 — a $83,047.10 saving — and break-even arrives well inside a 10-year stay, so on these numbers the refinance pays off.
Both loans are fixed-rate with no fees beyond the closing-cost input, no cash-out, and no change in balance at refinancing. Taxes, insurance, HOA dues, and private mortgage insurance are not included. A longer new term can lower the payment while raising total interest — the comparison table shows that trade directly. Rate changes, points bought separately from closing costs, and tax effects are not modeled.
No. Extending the term can cut the monthly payment but add years of interest. Compare total interest as well as the monthly figure — the table above does both.
The month when cumulative monthly savings first cover closing costs. If you move or refinance again before break-even, the refinance may not have paid off.
Then the savings never repay the closing costs. Enter your planned stay above and the verdict checks this for you: a refinance that breaks even after your move is flagged, even if the monthly saving looks good.
Yes, unless the new term matches your remaining term. A new 20-year loan on a mortgage with 20 years left keeps the date; a new 30-year loan pushes it out 10 years, which is usually why total interest rises despite a lower payment.
Yes, in closing costs. Points buy a lower rate, so they belong in the break-even calculation, not as a separate saving.
No. It assumes the new rate stays fixed for the whole new term. If the new rate can adjust, the saving and break-even figures are only valid until the first adjustment.
Results are estimates only and do not constitute professional advice.