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Refinance Calculator
A refinance is worth it when you keep the loan long enough to recover the cost. That's the whole analysis, and it's why 'is the rate low enough?' is the wrong question.
This calculator compares your current payment to the new one and tells you the month you break even, including the interest you reset by starting a new term.
Your numbers
Your results
Monthly savings
$271
- Break-even point
- 16.6 months
- New payment (P&I)
- $1,736
- Current payment (P&I)
- $2,007
- Lifetime interest — current loan
- $365,253
- Lifetime interest — new loan
- $335,352
- Lifetime interest difference
- $29,901 less
Costs rolled into the loan
What happens if you change this
You'd save $271 a month and recover $4,500 in costs after about 16.6 months. If you expect to stay longer than that, the refinance pays for itself. And because the new term isn't stretching things out, you also save $29,901 in total interest.
Ready for real numbers?
Estimates get you oriented. A pre-approval gets you an offer sellers take seriously.
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- Extra Payment CalculatorSee how much time and interest a little extra principal each month actually saves.
- APR vs Interest Rate CalculatorSee why the lowest advertised rate isn't always the cheapest loan once fees are included.
- Rate Buy-Down CalculatorDecide whether paying points to lower your rate is worth it — and when you'd get the money back.
Questions people ask
- How much lower does the rate need to be?
- There's no magic number. What matters is the break-even month versus how long you'll keep the loan. A small rate drop on a large balance can beat a big drop on a small one.
- Does refinancing restart my loan?
- It starts a new term, which is why a lower payment can still mean more total interest. Choosing a shorter new term avoids that.
Estimates for education only — not a loan approval, rate quote, or commitment to lend. Actual figures depend on credit, property, program guidelines, and market conditions at the time of lock. Corie Adams · NMLS #1875205 · Network Funding, LP · NMLS ID #2279 · Equal Housing Opportunity.