Compare both the monthly-payment effect and the long-term cost before replacing an existing loan.
The sample values are calculated automatically. Enter your own information for a new estimate.
These calculators provide mathematical estimates for education and planning. Loan agreements, lender practices, fees, taxes, payment dates, and rounding can change actual results.
How the calculation works
A lower interest rate does not automatically make a refinance beneficial. The new term and closing costs can offset monthly savings.
A longer new term may lower the payment but increase the number of years interest is paid. Compare total remaining cash cost, not only the payment.
The simple break-even estimate shows how long monthly savings take to recover closing costs, but it does not measure every financial factor.
Use the free online amortization calculator to view every payment, annual totals, charts, extra payments, rate changes, and balloon dates.
Open the free schedule calculatorAmortization Pro lets you edit individual payment rows, save and retrieve loans, export CSV files, and print complete reports. One-time price: $25.
Download Amortization ProNo. A longer term can lower the payment while increasing the total amount paid over time.
Financing reduces upfront cash but increases the new principal and interest. Compare both settings.
It is the estimated time required for monthly payment savings to equal closing costs. It does not guarantee the refinance is the best choice.