Refinance Calculator

How the calculation works

Savings = remaining old payments − new payments − costs. Cash-flow break-even = costs/monthly payment reduction.

Inputs

• Current balance
• Annual interest rate, %
• Term, months
• New annual rate, %
• New term, months
• Upfront refinancing costs

Calculation details

A fixed nominal annual rate is divided by 12. Payments are at month end; daily accrual and intermediate rounding are not modeled.

Enter fees separately where provided. Insurance, penalties, and taxes are not included in the interest rate.

Totals are nominal and not discounted. A lower payment over a longer term can increase interest; payment-based break-even does not account for different remaining balances.