Refinance Calculator
See the new monthly payment, how long the costs take to earn back, and the difference over the life of the loan.
Refinance at a glance
Estimated monthly savings
Costs paid back in about 1 year.
| Break-even | 1 year |
|---|---|
| Interest left on current loan | $1,025,271 |
| Interest on new loan | $973,266 |
| Lifetime savings incl. costs | $44,005 |
An indicative figure for planning. Not a lender quote and not an offer of credit. Sidney Manzo, CA DRE #01108914, licensed in California.
RE/MAX Dream Properties (ASLG Inc), CA DRE #02142193
How this works
Payment, break-even and the long run
The current payment pays off today's balance over the years left at your current rate. The new payment pays off the same balance over the new term at the new rate.
Break-even is the refinance costs divided by the monthly savings. The lifetime figure compares all remaining payments on the current loan with all payments on the new loan plus its costs.
A longer new term can lower the payment and still cost more over time, so check both numbers. A lender's loan estimate lists the actual rate and costs.
Questions
How this estimate works
What counts as refinance costs?
Lender fees, appraisal, title and escrow fees, recording fees and any points. Your loan estimate lists them.
Why can the lifetime figure show a cost when the payment drops?
Starting a new 30-year term stretches payments out. Lower monthly payments over more years can add up to more interest.
Is this a rate quote?
No. Rates and costs depend on your credit, equity, loan type and the day the rate is locked. Ask a lender for a quote.