Enter your current loan details and a new rate to see if refinancing makes sense.
Monthly savings — how much lower your required monthly payment becomes
Break-even — how many months until your payment savings have fully paid back the closing costs
Total interest — whether you pay more or less interest over the full life of the new loan
Current payment: $2,120/mo · payoff Sep 2051
New payment: $1,799/mo · payoff Sep 2056
Monthly Payment
$2,120
Current
$1,799
Refinanced
$322/mo
saved each month
Break-Even
1yr 4mo
Jan 2028
Total Interest
$336,101→$347,515
costs $11,413 more interest
Net Savings After Closing Costs
−$16,413
$0 interest saved − $5,000 closing costs