Refinance calculator
Does refinancing actually pay?
Compare the payment you have to the payment you would get, then see how long the closing costs take to earn back.
$450,000
7.5%
27
6.25%
30
$6,500
1
Estimated monthly savings
$433
- Current payment (P&I)
- $3,243
- New payment (P&I)
- $2,811
- New loan amount
- $456,500
- Closing costs
- $6,500
- Break-even
- 16 months
- First-year savings
- $5,191
Extending the term lowers the payment but can raise lifetime interest. A shorter new term is often the better trade if the payment still fits.