Refinance example · Educational math
What if I refinance $300,000 from 6.5% to 5.5% for 30 years?
Stated sample rates—not lender quotes.
Calculator · How we calculate · Questions
Direct answer
Direct answer (stated sample only): refinancing $300,000.00 from 6.5% (300 months left) to 5.5% for 360 months changes the payment from about $2,025.62 to about $1,703.37 (monthly difference about $322.25; interest difference about -$5,525.68). Cash closing costs break even in about 1 year (12 months). Not a lender quote.
| Current | New | |
|---|---|---|
| Payment | $2,025.62 | $1,703.37 |
| Total interest | $307,686.45 | $313,212.12 |
| Principal | $300,000.00 | $300,000.00 |
Educational comparison only. Not a refinance offer, underwriting decision, or advice to refinance. Closing costs, points, and taxes vary by lender and location.
Side-by-side
Current path vs new loan| Current | New |
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Common questions
How does refinancing $300,000 from 6.5% to 5.5% for 30 years change the payment?
Direct answer (stated sample only): refinancing $300,000.00 from 6.5% (300 months left) to 5.5% for 360 months changes the payment from about $2,025.62 to about $1,703.37 (monthly difference about $322.25; interest difference about -$5,525.68). Cash closing costs break even in about 1 year (12 months). Not a lender quote.
Is this rate a real refinance offer?
No. Sample rates are illustrative inputs for transparent math.
How do I change the numbers?
Open the prefilled refinance calculator and edit balance, rates, terms, or costs.
Educational only. Last reviewed: August 9, 2026.