See how long it takes for the monthly savings to pay back your closing costs — and how refinancing changes your lifetime interest.
| Monthly P&I | Term | Total interest |
|---|
Total interest for your current loan is the interest still to be paid over the remaining term. For the new loan it's interest over the full new term.
The navy line is your running total: monthly savings added up, minus the up-front closing costs. Where it crosses $0 is your break-even point.
Estimates only. This tool is for educational and planning purposes based on the inputs and general assumptions you provide. It is not a rate quote, loan offer, commitment to lend, or financial, tax, or legal advice.
A lower rate does not always mean less total interest. Extending your loan back out to a new full term can lower the monthly payment while raising the total interest you pay over the life of the loan. Weigh the monthly break-even against the lifetime interest change together.
Actual closing costs, rate, payment, and eligibility depend on your lender, credit, property, and circumstances. Rolling costs into the loan means you pay interest on them. Confirm all figures with your loan officer before deciding.