Refinance Calculator

Analyze if refinancing might make sense for your situation

Payment Calculator Affordability Refinance Analysis

Current Loan

$
%
e.g., 300 months = 25 years remaining
$
Calculated automatically

New Loan Scenario

%
For estimation only; actual rates will vary
$
Typically 2-5% of loan amount
$
Additional cash you want to take out

Refinance Analysis

Current Loan New Loan
Monthly Payment $1,842 $1,580
Interest Rate 7.5% 6.5%
Loan Term 300 months 360 months
Total Payments $552,600 $568,800
Monthly Savings $262
Break-Even Point 19 months
Total Interest Difference +$16,200
New Loan Amount $255,000

Analysis Summary

Based on these estimates, you would save $262/month but pay $16,200 more in total interest over the life of the loan due to the extended term. Break-even on closing costs would occur in approximately 19 months.

Important Considerations

  • Extending your loan term may result in paying more total interest, even with a lower rate
  • Closing costs reduce net savings; consider how long you plan to stay in the home
  • Cash-out refinancing increases your loan balance and monthly obligations
  • Your actual rate depends on credit score, income, property value, and other factors

Important Disclaimer: This refinance analysis is for educational and informational purposes only. It is not a loan offer, rate quote, or commitment to lend. Actual rates, terms, and costs will vary based on your complete application and underwriting review. Please contact us for a personalized refinance analysis.

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