Refinance Analyzer
Your monthly savings, the month you break even on closing costs, and the lifetime interest a refinance saves or costs.
Current loan
$
Current Interest Rate%
2%12%
Remaining Term yr
1 yr30 yr
New loan
New Interest Rate%
2%12%
New Loan Term yr
5 yr30 yr
$
How Long Do You Plan to Stay? yr
1 yr30 yr
- Current Monthly
- $2,379
- New Monthly
- $2,155
- Monthly Savings
- +$224
- Breakeven Point
- 32 months (2.7 yrs)
Refinancing appears beneficialAt your planned 7-year stay, you recoup the closing costs 52 months before moving.
Lifetime interest comparison
- Current loan (remaining)
- $449,220
- Refinanced loan
- $425,804
- Net savings (after closing costs)
- +$30,416
Save results
How this is calculated
We compare your current mortgage payment to a new one and divide your closing costs by the monthly savings to find your break-even point.
The steps
- Compute the monthly payment on your current loan and on the proposed new loan (amortization formula).
- Monthly savings = old payment − new payment.
- Break-even months = closing costs ÷ monthly savings.
- Compare lifetime interest on each loan.
Assumptions
- Both loans use fixed rates and the terms you enter.
Good to know
- Resetting the term can raise lifetime interest even if the payment drops; ignores tax effects.
Related resources
Educational disclaimer. Everything on WealthSerene.com is educational and is not investment advice. Projections and calculations are illustrative; actual results depend on market conditions, your situation and factors outside this tool’s scope. For a decision specific to your situation, consult a qualified financial professional. View full disclosures