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Refinance Calculator
Determine if refinancing your current loan makes financial sense. Compare monthly payments, calculate total lifetime savings, and find your break-even point instantly.
Refinance Details
Current Loan
New Loan
Refinance Analysis
Monthly Savings
$8.92
New Payment: $1,791.08
Lifetime Savings
$78,441.36
Total Closing Costs: $6,500.00
Total Cost Comparison
Balance Over Time
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Balance Comparison Schedule
| Year | Current Loan Balance | New Loan Balance |
|---|---|---|
| Year 0 | $250,000.00 | $250,000.00 |
| Year 1 | $245,765.87 | $243,325.50 |
| Year 2 | $241,225.65 | $236,239.34 |
| Year 3 | $236,357.22 | $228,716.11 |
| Year 4 | $231,136.84 | $220,728.87 |
| Year 5 | $225,539.09 | $212,249.00 |
| Year 6 | $219,536.68 | $203,246.10 |
| Year 7 | $213,100.35 | $193,687.92 |
| Year 8 | $206,198.74 | $183,540.22 |
| Year 9 | $198,798.21 | $172,766.63 |
| Year 10 | $190,862.69 | $161,328.55 |
| Year 11 | $182,353.52 | $149,184.99 |
| Year 12 | $173,229.21 | $136,292.44 |
| Year 13 | $163,445.31 | $122,604.71 |
| Year 14 | $152,954.14 | $108,072.75 |
| Year 15 | $141,704.55 | $92,644.50 |
| Year 16 | $129,641.73 | $76,264.66 |
| Year 17 | $116,706.89 | $58,874.54 |
| Year 18 | $102,836.98 | $40,411.85 |
| Year 19 | $87,964.42 | $20,810.41 |
| Year 20 | $72,016.72 | $0.00 |
| Year 21 | $54,916.17 | $0.00 |
| Year 22 | $36,579.41 | $0.00 |
| Year 23 | $16,917.08 | $0.00 |
| Year 24 | $0.00 | $0.00 |
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Complete Guide
About This Refinance Calculator
The Refinance Calculator is a vital financial tool for anyone considering replacing their current mortgage or loan with a new one. Deciding to refinance involves more than just looking for a lower interest rate; you must account for closing costs, points, and the extension of your loan term to know if it truly saves you money.
What Is a Refinance Calculator?
This calculator allows you to compare your existing loan against a proposed new loan. By inputting your current remaining balance, your current monthly payment, and your interest rate, the calculator figures out exactly how much time and interest you have left. It then compares this to the new loan parameters to determine your true lifetime savings.
How the Refinance Formula Works
Our tool uses standard amortization equations to backwards-calculate your remaining term, and forward-calculate your new payments:
Where M is the total monthly payment, P is the principal loan amount, i is the monthly interest rate, and n is the total number of payments (months). The break-even point is calculated by dividing your total upfront closing costs by your monthly savings.
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Understanding Refinance Inputs
- Current Balance: The exact principal amount you still owe on your existing loan.
- Current Monthly: Your current principal and interest payment (do not include taxes or insurance).
- Points & Fees: Upfront costs you pay to secure the new loan and interest rate.
- Cash Out: Additional funds you want to borrow against your equity.
Privacy & Security
All comparisons are calculated entirely within your browser. No data is transmitted to any server. We do not store, log, or analyze your financial inputs. The calculator works offline once loaded.
100% Private
All math happens in your browser. Zero server calls.
Instant Results
Recalculates live on every keystroke or input change.
Universal
Works for any currency and standard loan type.
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Frequently Asked
Questions & Answers
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