justyourcalculatorRefinance Calculator
Whether refinancing saves money, and how soon it pays for itself.
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Refinance Calculator
New payment, savings and break-even point
Principal and interest only.
New monthly payment
$1,798.65
$401.35 a month less than now
- New loan amount
- $300,000.00
- Upfront costs$3,000.00 points, $3,000.00 closing costs
- $6,000.00
- Break-evenMonths of savings to recover the upfront costs
- 1 year 3 months
- Time left on current loan
- 24 years 1 month
- Interest left on current loan
- $334,233.94
- Interest on the new loan
- $347,514.57
- Lifetime cost differenceAll remaining payments and costs, net of cash out
- $19,280.63 more
A lower payment can still cost more over time if the new term is longer. Compare the lifetime cost and the break-even point against how long you'll keep the home.
- Current loan
- Refinanced
| Period | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| Year 1 | $21,583.82 | $17,899.78 | $3,684.04 | $296,315.96 |
| Year 2 | $21,583.82 | $17,672.56 | $3,911.26 | $292,404.71 |
| Year 3 | $21,583.82 | $17,431.32 | $4,152.50 | $288,252.21 |
| Year 4 | $21,583.82 | $17,175.21 | $4,408.61 | $283,843.60 |
| Year 5 | $21,583.82 | $16,903.29 | $4,680.53 | $279,163.07 |
| Year 6 | $21,583.82 | $16,614.61 | $4,969.21 | $274,193.86 |
| Year 7 | $21,583.82 | $16,308.12 | $5,275.70 | $268,918.16 |
| Year 8 | $21,583.82 | $15,982.72 | $5,601.10 | $263,317.06 |
| Year 9 | $21,583.82 | $15,637.26 | $5,946.56 | $257,370.50 |
| Year 10 | $21,583.82 | $15,270.49 | $6,313.33 | $251,057.17 |
| Year 11 | $21,583.82 | $14,881.10 | $6,702.72 | $244,354.45 |
| Year 12 | $21,583.82 | $14,467.69 | $7,116.13 | $237,238.32 |
| Year 13 | $21,583.82 | $14,028.78 | $7,555.04 | $229,683.28 |
| Year 14 | $21,583.82 | $13,562.80 | $8,021.02 | $221,662.27 |
| Year 15 | $21,583.82 | $13,068.08 | $8,515.74 | $213,146.53 |
| Year 16 | $21,583.82 | $12,542.85 | $9,040.97 | $204,105.57 |
| Year 17 | $21,583.82 | $11,985.22 | $9,598.59 | $194,506.97 |
| Year 18 | $21,583.82 | $11,393.20 | $10,190.61 | $184,316.36 |
| Year 19 | $21,583.82 | $10,764.67 | $10,819.15 | $173,497.21 |
| Year 20 | $21,583.82 | $10,097.37 | $11,486.45 | $162,010.76 |
| Year 21 | $21,583.82 | $9,388.91 | $12,194.91 | $149,815.85 |
| Year 22 | $21,583.82 | $8,636.75 | $12,947.06 | $136,868.78 |
| Year 23 | $21,583.82 | $7,838.21 | $13,745.61 | $123,123.17 |
| Year 24 | $21,583.82 | $6,990.41 | $14,593.41 | $108,529.76 |
| Year 25 | $21,583.82 | $6,090.32 | $15,493.50 | $93,036.26 |
| Year 26 | $21,583.82 | $5,134.71 | $16,449.11 | $76,587.16 |
| Year 27 | $21,583.82 | $4,120.17 | $17,463.65 | $59,123.51 |
| Year 28 | $21,583.82 | $3,043.05 | $18,540.77 | $40,582.73 |
| Year 29 | $21,583.82 | $1,899.49 | $19,684.32 | $20,898.41 |
| Year 30 | $21,583.82 | $685.41 | $20,898.41 | $0.00 |
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How the refinance calculator works
The calculator runs your current loan to payoff at its current payment, then prices the new loan: balance plus any cash out (and costs, if you roll them in), repaid over the new term at the new rate.
Break-even is the upfront cost (points plus closing costs) divided by the monthly saving: the number of months until the lower payment has paid back what refinancing cost. The lifetime comparison adds every remaining payment on each path.
Using and checking your result
Published by JustYourCalculator. Check the units and assumptions above, and compare a known example before relying on the output. Calculations use browser arithmetic and may round displayed values.
This is an educational estimate, not a lender quote, tax filing calculation or investment recommendation. Actual costs depend on current rules, fees and your circumstances. Verify important decisions with official sources and a qualified adviser.
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