Mortgage planning tools
Plan your mortgage with confidence
Estimate payments, understand affordability, compare refinancing options, and explore your loan payoff — with every assumption on screen and nothing presented as a quote.
Refinance calculator
Compare the loan you have against the one you are considering.
The payoff balance, not the original loan amount.
What is left on the current loan, not its original term.
Your own figure. We do not quote rates here.
Lender fees, title, appraisal, recording and prepaid items.
New payment $1,919 against a current payment of $2,253. A saving of $335 a month. Break-even after 1 year, 6 months.
Estimated monthly saving
$335/ month
Current payment
$2,253
New payment
$1,919
Break-even
1 year, 6 months
The new term is longer than what is left on the current loan
You have 27 years left and are comparing it against a fresh 30-year loan. That lowers the monthly payment partly by stretching the loan out, so the two total-interest figures below are not a like-for- like comparison. Look at the break-even and at how long you expect to keep the property, not at the monthly saving alone.
Cumulative cost comparison
Cumulative cost of each option. After 30 years, staying costs $730,108 and refinancing costs $696,682. Refinancing has repaid its own cost after 18 months.
The lines cross at month 18. Selling or refinancing again before then means the closing costs were not recovered.
Total interest, side by side
Over each loan's full remaining life.
- Keeping the current loan
- $410,108
- Refinancing
- $370,682
- Difference in interest
- −$39,426
- Closing costs
- $6,000
- New loan amount
- $320,000
These cover different lengths of time, so the difference is not a saving or a cost on its own.
What this leaves out
Break-even is the start of the question, not the end.
- Whether you will still own the property at break-even. Selling before then means the costs were spent for nothing.
- That restarting a term resets how much of each payment goes to interest, even at a lower rate.
- Cash taken out, which raises the balance and changes the comparison entirely.
- Escrow. A refinance usually means funding a new escrow account and getting the old one refunded, which moves cash around without changing the loan.
- Whether the new rate is actually available to you, which depends on credit, equity, occupancy and the property.
Helpful resources
Plain explanations of what these numbers mean.
An estimate, not an offer
Every figure on this page is arithmetic on numbers you entered. It is not a quote, a rate lock, a pre-approval, a loan offer, or a statement that you qualify for anything. Real terms depend on a full application, your credit and documentation, the property, and pricing on the day a rate is locked. Property taxes, insurance and association dues are your assumptions, not amounts quoted by anyone.
Where this leads
Before you act on a break-even
A break-even point is only one input. Which program a refinance can be written under, and what it costs to get there, decide whether the number is worth acting on.
Conventional loans
A conventional loan is a mortgage that is not insured or guaranteed by a government agency. Most conventional lending follows Fannie Mae or Freddie Mac guidelines, which is why the requirements are relatively consistent from lender to lender.
Read moreFHA loans
An FHA loan is a mortgage insured by the Federal Housing Administration, part of HUD. The insurance is what allows lenders to accept a lower down payment and a wider range of credit profiles than conventional financing typically does.
Read moreVA loans
A VA loan is made by a private lender and guaranteed in part by the U.S. Department of Veterans Affairs. For eligible service members, veterans and certain surviving spouses it is often the strongest option available, with no down payment required on many purchases and no monthly mortgage insurance.
Read more
Terms used on this page
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Numbers only go so far. If you want these checked against your own situation, that conversation starts here — no documents at this stage.
Homebuyers: start a conversation