A lower payment can come with a larger balance
Compare the balance you would owe at the date you expect to sell or refinance again. A longer term can lower the payment while keeping more debt outstanding.
Compare loan programsRefinance planning
Mortgage refinance break-even calculator
Compare your current mortgage with a proposed refinance. Estimate payment savings, break-even, and the cost over the time you expect to keep the loan.
Your estimate
Results
Enter your assumptions or load the example to see the estimate.
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- Current monthly principal & interest
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- New monthly principal & interest
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- Estimated monthly savings
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- Simple cash break-even
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For planning. A lender reviews the full scenario and determines actual terms or qualifying income.
Methodology
How the estimate works.
- Simple break-even. Divide upfront costs by positive monthly principal-and-interest savings and round up. This assumes both payments continue through that month.
- Cost over your holding period. Compare principal and interest paid, remaining loan balance, and any cash costs. Both scenarios start with the same existing debt. Financed costs are included in the new loan balance.
- Scope. Use two fully amortizing fixed-rate loans with no cash-out. The model excludes taxes, insurance, mortgage insurance, and escrow.
CFPB guide to comparing Loan Estimates · Read the related FAQ
Talk to Matthew & Cortney
Talk through your estimate.
Bring your current statement, a proposed Loan Estimate if you have it, and how long you expect to keep the loan.