Refinance savings calculator
Compare your current loan with a new rate and term. See monthly savings, your break-even month and the lifetime difference.
Monthly savings on principal and interest
$418/mo
You recover the $9,800 in closing costs in about 24 months and keep $25,336 after 7 years.
- Break-even
- 24 months2.0 years
- Net over your stay
- $25,336after 7 years
- Interest left, current loan
- $696,325
- New loan interest + costs
- $642,423
Lifetime difference: save $53,903
Get pre-approvedPrincipal and interest only; taxes and insurance usually stay the same. Estimates for illustration, not a rate quote or commitment to lend.
Starts below zero by the closing costs and climbs by the monthly saving. The thin vertical line marks the years you plan to stay.
Show the data as a table
| Year | Net savings to date |
|---|---|
| At closing | −$9,800 |
| Year 1 | −$4,781 |
| Year 2 | $239 |
| Year 3 | $5,258 |
| Year 4 | $10,278 |
| Year 5 | $15,297 |
| Year 6 | $20,317 |
| Year 7 | $25,336 |
| Year 8 | $30,356 |
| Year 9 | $35,375 |
| Year 10 | $40,394 |
| Year 11 | $45,414 |
| Year 12 | $50,433 |
| Year 13 | $55,453 |
| Year 14 | $60,472 |
| Year 15 | $65,492 |
| Year 16 | $70,511 |
| Year 17 | $75,530 |
| Year 18 | $80,550 |
| Year 19 | $85,569 |
| Year 20 | $90,589 |
| Year 21 | $95,608 |
| Year 22 | $100,628 |
| Year 23 | $105,647 |
| Year 24 | $110,667 |
| Year 25 | $115,686 |
| Year 26 | $120,705 |
| Year 27 | $125,725 |
| Year 28 | $130,744 |
| Year 29 | $92,324 |
| Year 30 | $53,903 |
New loan amortization schedule360 payments, paid off Sep 2056. Select a year to see its months.
| Year | Principal | Interest | Balance |
|---|---|---|---|
| $6,093 | $32,327 | $513,907 | |
| $6,485 | $31,935 | $507,421 | |
| $6,902 | $31,518 | $500,519 | |
| $7,346 | $31,074 | $493,173 | |
| $7,819 | $30,602 | $485,354 | |
| $8,322 | $30,099 | $477,032 | |
| $8,857 | $29,564 | $468,175 | |
| $9,427 | $28,994 | $458,748 | |
| $10,033 | $28,388 | $448,715 | |
| $10,679 | $27,742 | $438,036 | |
| $11,365 | $27,055 | $426,671 | |
| $12,096 | $26,324 | $414,574 | |
| $12,875 | $25,546 | $401,700 | |
| $13,703 | $24,718 | $387,997 | |
| $14,584 | $23,837 | $373,413 | |
| $15,522 | $22,899 | $357,891 | |
| $16,520 | $21,900 | $341,371 | |
| $17,583 | $20,838 | $323,787 | |
| $18,714 | $19,707 | $305,073 | |
| $19,918 | $18,503 | $285,156 | |
| $21,199 | $17,222 | $263,957 | |
| $22,563 | $15,858 | $241,394 | |
| $24,014 | $14,407 | $217,380 | |
| $25,558 | $12,862 | $191,822 | |
| $27,202 | $11,218 | $164,620 | |
| $28,952 | $9,469 | $135,668 | |
| $30,814 | $7,606 | $104,853 | |
| $32,796 | $5,624 | $72,057 | |
| $34,906 | $3,515 | $37,151 | |
| $37,151 | $1,270 | $0 |
Figures are estimates for illustration only. Break-even is closing costs divided by the monthly saving. A longer new term can lower the payment and still cost more interest over the life of the loan.
Reading your refinance results
Every number above is an estimate. A loan officer can replace assumptions with your actual taxes, insurance quotes and pricing.
Talk to a loan officerMonthly savings
The difference between your current principal and interest payment and the new one. Taxes and insurance usually stay the same.
Break-even month
Closing costs divided by monthly savings. If you plan to stay in the home past this point, the refinance likely pays off.
Lifetime interest
Compares the interest left on your current loan with the interest on the new loan plus closing costs. A lower payment can still cost more over time if you extend the term.
Choosing a term
Matching your remaining years, or going shorter, protects long-term savings. Our loan officers often suggest a 20 or 25-year term for borrowers several years into a 30-year loan.
Common questions
On larger Greater Boston balances it often is. Run your numbers above: if break-even comes within two to three years and you plan to stay, it is worth a closer look.
Usually yes, if you have enough equity. That raises the balance slightly but means no cash out of pocket.
Set closing costs to $0 and add about 0.25% to the new rate for a rough comparison.
Turn estimates into real numbers
Get a pre-approval with your actual rate, taxes and cash to close. Soft credit check, and a local loan officer follows up the same day.
- Soft credit check
- 24-day average close
- 4.9 from 1,284 reviews
