Refinance Savings Calculator

Calculate refinance savings from old and new loan details plus costs — see monthly savings, total savings and break-even.

Refinance Savings Calculator

Calculate refinance savings from old and new loan details plus costs — see monthly savings, total savings and break-even.

Remaining balance($)

Old rate(%)

Old remaining years

New rate(%)

New term years

Closing costs($)

Enter values above and click Calculate — results will appear here with the formula explained.

Old payment vs new payment; Monthly savings = old - new; Break-even = costs / monthly savings; Total savings = (old*oldYears*12) - (new*newYears*12 + costs)

How does this work?

Refinance savings is old payment minus new payment monthly, total is old total minus new total plus costs, break-even is costs divided by monthly savings.

Longer new term lowers monthly but may increase total cost vs shorter old term — compare total, not just monthly.

For YMYL, ensure you will stay beyond break-even and have good credit for best rate.

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Disclaimer: Results are estimates for informational purposes only and do not constitute professional financial advice. Consult a qualified professional for decisions.

What is Refinance Savings?

Refinance savings is old payment minus new payment monthly, total is old total minus new total plus costs, break-even is costs divided by monthly savings. Formula: Old payment vs new payment; Monthly savings = old - new; Break-even = costs / monthly savings; Total savings = (old*oldYears*12) - (new*newYears*12 + costs)

Quick Answer

Refinance Savings Calculator computes calculate refinance savings from old and new loan details plus costs — see monthly savings, total savings and break-even. Formula: Old payment vs new payment. Example: With $280k, 7% for 25y left: $1,923/mo.

What it does: Calculate refinance savings from old and new loan details plus costs — see monthly savings, total savings and break-even.
Formula: Old payment vs new payment; Monthly savings = old - new; Break-even = costs / monthly savings; Total savings = (old*oldYears*12) - (new*newYears*12 + costs)
Inputs: Remaining balance ($) · Old rate (%) · Old remaining years · New rate (%) · New term years · Closing costs ($)
Example: With $280k, 7% for 25y left: $1,923/mo.

Calculator Inputs at a Glance

Field	What to enter
Remaining balance ($)	e.g. 280000
Old rate (%)	e.g. 7
Old remaining years	e.g. 25
New rate (%)	e.g. 6
New term years	e.g. 30
Closing costs ($)	e.g. 4000

All fields use the exact formulas shown below — results include step-by-step breakdowns you can verify by hand.

How to Use This Calculator

1Enter remaining balance, old rate and years left, new rate and term, plus closing costs.
2Calculate to see old vs new payment, monthly savings and break-even.
3If break-even > expected stay, not worth it.

Formula Used

Old payment vs new payment; Monthly savings = old - new; Break-even = costs / monthly savings; Total savings = (old*oldYears*12) - (new*newYears*12 + costs)

Refinance savings is old payment minus new payment monthly, total is old total minus new total plus costs, break-even is costs divided by monthly savings.

Longer new term lowers monthly but may increase total cost vs shorter old term — compare total, not just monthly.

For YMYL, ensure you will stay beyond break-even and have good credit for best rate.

AdSense ready — add NEXT_PUBLIC_GOOGLE_ADSENSE_PUBLISHER_ID

728×90 — AdSense

Worked Example

With $280k, 7% for 25y left: $1,923/mo. New 6% for 30y: $1,679/mo, saving $244/mo, break-even 16.4 months, but total cost higher due to 5 extra years.

AdSense ready — add NEXT_PUBLIC_GOOGLE_ADSENSE_PUBLISHER_ID

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Frequently Asked Questions

QIs lower monthly always better?

No, 30y vs 25y adds 5 years interest. Compare total cost, not just monthly.

QNo-cost refinance?

Lender covers costs via higher rate — payment slightly higher, no upfront.

QWhen refinance?

When new rate at least 0.75-1% lower and you stay beyond break-even.

What is Refinance Savings?

Refinance savings is old payment minus new payment monthly, total is old total minus new total plus costs, break-even is costs divided by monthly savings. Formula:

Old payment vs new payment; Monthly savings = old - new; Break-even = costs / monthly savings; Total savings = (old*oldYears*12) - (new*newYears*12 + costs)

Quick Answer

What it does: Calculate refinance savings from old and new loan details plus costs — see monthly savings, total savings and break-even.

Formula: Old payment vs new payment; Monthly savings = old - new; Break-even = costs / monthly savings; Total savings = (old*oldYears*12) - (new*newYears*12 + costs)

Inputs: Remaining balance ($) · Old rate (%) · Old remaining years · New rate (%) · New term years · Closing costs ($)

Example: With $280k, 7% for 25y left: $1,923/mo.

Field

What to enter

Remaining balance ($)

e.g. 280000

Old rate (%)

e.g. 7

Old remaining years

e.g. 25

New rate (%)

e.g. 6

New term years

e.g. 30

Closing costs ($)

e.g. 4000

Formula Used

Old payment vs new payment; Monthly savings = old - new; Break-even = costs / monthly savings; Total savings = (old*oldYears*12) - (new*newYears*12 + costs)

Refinance savings is old payment minus new payment monthly, total is old total minus new total plus costs, break-even is costs divided by monthly savings.

Longer new term lowers monthly but may increase total cost vs shorter old term — compare total, not just monthly.

For YMYL, ensure you will stay beyond break-even and have good credit for best rate.