Refinance calculator
Compare your current loan with a refinance. You get the monthly payment change, lifetime savings after closing costs and the month you break even.
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,515.36 | $18,650.44 | $296,484.64 |
| 2 | $3,741.48 | $18,424.32 | $292,743.16 |
| 3 | $3,982.15 | $18,183.65 | $288,761.01 |
| 4 | $4,238.29 | $17,927.51 | $284,522.72 |
| 5 | $4,510.89 | $17,654.91 | $280,011.83 |
| 6 | $4,801.04 | $17,364.76 | $275,210.79 |
| 7 | $5,109.85 | $17,055.95 | $270,100.94 |
| 8 | $5,438.52 | $16,727.28 | $264,662.42 |
| 9 | $5,788.33 | $16,377.47 | $258,874.09 |
| 10 | $6,160.66 | $16,005.14 | $252,713.43 |
| 11 | $6,556.92 | $15,608.88 | $246,156.51 |
| 12 | $6,978.68 | $15,187.12 | $239,177.83 |
| 13 | $7,427.54 | $14,738.26 | $231,750.29 |
| 14 | $7,905.31 | $14,260.49 | $223,844.98 |
| 15 | $8,413.81 | $13,751.99 | $215,431.17 |
| 16 | $8,954.99 | $13,210.81 | $206,476.18 |
| 17 | $9,530.97 | $12,634.83 | $196,945.21 |
| 18 | $10,144.03 | $12,021.77 | $186,801.18 |
| 19 | $10,796.51 | $11,369.29 | $176,004.67 |
| 20 | $11,490.98 | $10,674.82 | $164,513.69 |
| 21 | $12,230.10 | $9,935.70 | $152,283.59 |
| 22 | $13,016.76 | $9,149.04 | $139,266.83 |
| 23 | $13,854.02 | $8,311.78 | $125,412.81 |
| 24 | $14,745.14 | $7,420.66 | $110,667.67 |
| 25 | $15,693.59 | $6,472.21 | $94,974.08 |
| 26 | $16,703.01 | $5,462.79 | $78,271.07 |
| 27 | $17,777.38 | $4,388.42 | $60,493.69 |
| 28 | $18,920.85 | $3,244.95 | $41,572.84 |
| 29 | $20,137.86 | $2,027.94 | $21,434.98 |
| 30 | $21,434.98 | $732.62 | $0.00 |
Is a refinance worth it?
The break-even month tells you how long it takes for the monthly savings to repay the closing costs. If you expect to keep the loan longer than that, a refinance can pay off. Also compare lifetime cost: resetting the term may lower the payment but add interest.
A refinance also resets the clock on equity building. Consider keeping the same remaining term by entering the months left in the new-term field.
When refinancing makes sense
Refinancing pays off when the monthly saving recovers the closing costs before you sell or pay off the loan. Divide the closing costs by the monthly saving to get the break-even month. Also check whether you are restarting the clock: a new 30-year loan after 5 years can lower the payment but raise the total interest.
Frequently asked questions
What is the break-even point on a refinance?
It is the number of months of payment savings needed to recover the closing costs. If you will move or pay off the loan before then, refinancing loses money.
Should I refinance into a longer term?
It lowers the payment, but you can pay more total interest. Compare the lifetime savings, not just the monthly payment.
Related calculators
Estimates from standard loan formulas, not a loan offer or financial advice. Example rates are assumptions: use your own quote.