FINANCING
Refinance savings calculator
Compare monthly payments, fee recovery, and remaining lifetime borrowing cost when refinancing.
Your scenario
All amounts are in US dollars. Start with the example, then enter your numbers. Results update as you type.
Calculation inputs stay in this page’s memory and are not submitted as a lead. Requesting contact is a separate step.
ILLUSTRATIVE EXAMPLE
See what the numbers say.
- New monthly principal & interest
- $1,791.08
- Monthly payment reduction
- $147.17
- Payment break-even in months
- 20.38
- Simple fee recovery; ignores time value and changes in equity.
- Change in lifetime borrowing cost
- -$32,320.73
- Positive means more expensive; a longer term can lower payments while raising cost.
- Current monthly principal & interest
- $1,938.25
Estimates, not quotes, approvals, appraisals or guaranteed returns.
How this calculator works
Monthly reduction = old payment − new payment. Simple fee recovery = total refinance fees / monthly reduction. Lifetime cost change compares remaining interest plus new fees.
Assumptions to check
- Lower payments can come from a longer term rather than lower cost. Check the lifetime-cost result alongside the monthly saving.
- Fixed rates and fully amortizing loans are assumed. Cash-out borrowing, taxes, insurance, penalties, time value of money and a sale before payoff are excluded.