Free Refinance Calculator
Compare your current mortgage with a refinance option. See monthly savings, total savings, and break-even point for refinancing.
USD
%
years
%
Monthly Savings
$347.48
Current Monthly Payment$1,766.95
New Monthly Payment$1,419.47
Current Total Cost$530,084.40
New Total Cost$511,010.10
Monthly Savings vs Years Remaining on Current Loan
How Refinance Savings Work
Refinancing replaces your existing mortgage with a new one, ideally at a lower interest rate. Savings come from the difference in monthly payments.
Key Factors
Compare the total cost of remaining on your current loan vs the total cost of the new loan.
Example Calculation
You owe $250,000 at 7% with 25 years remaining. You can refinance at 5.5% for 30 years.
- 01Current monthly payment: $250,000 at 7% for 25 years = $1,767.63
- 02New monthly payment: $250,000 at 5.5% for 30 years = $1,419.47
- 03Monthly savings: $1,767.63 - $1,419.47 = $348.16
- 04Current total remaining cost: $1,767.63 * 300 = $530,289.00
- 05New total cost: $1,419.47 * 360 = $511,009.20
Frequently Asked Questions
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How to Calculate Mortgage Payments
Learn how to calculate mortgage payments step by step. Understand the mortgage payment formula, principal vs. interest breakdown, escrow, PMI, and how to use amortization schedules.