Enter the number of full years and any additional months remaining on your current loan.
New Mortgage Offer Details
Typically, this will be your current principal balance. Adjust if you plan a cash-out refinance (higher amount) or are paying down principal (lower amount).
Refinancing Costs
This includes all one-time fees associated with the new loan.
Refinance Analysis Summary
Please complete your inputs on the previous tabs and click "Analyze Refinance Option" to see the summary.
Understanding Your Refinance Analysis:
Monthly P&I Payment Change: Shows the immediate difference in your principal and interest payment. A lower payment can improve monthly cash flow.
Break-Even Point: Estimates how many months it will take for your monthly savings (if any) to cover the upfront refinancing closing costs. If you plan to stay in your home longer than this period, refinancing might be financially beneficial from a cost-recovery perspective.
Total Interest Comparison: This compares the total interest you'd pay over the *remaining term of your current loan* versus the total interest over the *full term of the new loan*.
If the new loan term is shorter, you might save significantly on total interest even if the monthly payment is similar or slightly higher.
If the new loan term is longer (e.g., refinancing a 15-year loan with 10 years left into a new 30-year loan), you might achieve a lower monthly payment but could end up paying more total interest over the extended period, despite a lower rate.
Net Lifetime Financial Benefit/Cost: This estimates the overall financial impact by comparing the total cost of keeping your old loan (remaining interest) versus the total cost of the new loan (new total interest + closing costs). A positive value suggests a net benefit from refinancing.
Important Disclaimer: These calculations are estimates based on the inputs you provided. Actual lender terms, closing costs, and future interest rates can vary. This analysis does not include potential tax implications of mortgage interest deductions (which may change if you itemize) or the impact of private mortgage insurance (PMI) if applicable. It also assumes you hold the new loan to its full term for total interest calculations. This tool is for informational purposes only and does NOT constitute financial or investment advice. Always consult with lenders and a qualified financial advisor.
