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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Key takeaways
- Sample only: $300,000 · 6.5% with 300 months left → 5.5% for 360 months → monthly savings about $322.25; cash $4,000 costs break even in about 1 year (12 months).
- Shorter new terms can raise the monthly payment while cutting total interest under this model.
- Not a quote: Lenders price credit, points, and fees differently. This is transparent amortizing math for learning.
- How this calculator works
How it works
We amortize the current balance for the remaining months, then amortize a new principal (balance + optional cash-out and/or rolled costs) at the new rate and term. Details: how we calculate.
Worked examples
Guides
How does this refinance calculator work?
It amortizes your current balance at the current rate for months left, then amortizes a new loan at the new rate and term (optionally adding cash-out or rolled closing costs). Sample: $300,000 from 6.5% to 5.5% → monthly savings about $322.25. Educational only.
What is break-even here?
When closing costs are paid in cash, break-even months ≈ cash closing costs ÷ monthly payment savings. If costs are rolled into the loan or there is no monthly savings, break-even is n/a or never under that model.
Is this a refinance offer?
No. Educational arithmetic only—not underwriting or a lender quote.
Can I prefill from a link?
Yes. Parameters: balance, currentRate, currentMonths, newRate, newMonths, costs, rollCosts, cashOut.
Is this calculator free?
Yes—free, no signup. Educational math only.
How we calculate · Common questions · Sample prefill · Mortgage calculator
Disclaimer: Educational estimates only—not a refinance offer, credit decision, or advice to refinance.
YMYL notice: This site is for education only. It is not financial, tax, or investment advice. Nestfigure is not a bank, credit union, broker, investment adviser, or fiduciary. Product terms, rates, and penalties vary—always read your institution’s disclosures before acting. Calculator results are mathematical estimates, not bank quotes.