Mortgage Refinance Calculator
Drag to adjust
Your numbers
Monthly savings
$63.94
Break even on $6,000 costs in 7 yr 10 mo
💡 Refinancing drops your payment by $64 a month. After $6,000 in closing costs, you'd break even in about 7 yr 10 mo. Stay in the home past that point and the refinance pays off. One caution: because the new loan resets to 30 years, you'd actually pay $58,104 more total interest over its life, even with the lower rate.
$2,189
New payment
was $2,253
$64
Monthly savings
lower payment
7 yr 10 mo
Break-even
to recoup costs
- New monthly payment$2,189
- Monthly savings$64
- Current payment
- $2,253
- New payment
- $2,189
- Monthly change
- -$64
- Closing costs
- $6,000
- Break-even point
- 7 yr 10 mo
- Lifetime interest change
- +$58,104
⚖️ Compare two refinance offers
Change one thing about the new loan and see both offers side by side, against the same current mortgage.
| Figure | 7.28%Your numbers | 6.78%Compared | Difference |
|---|---|---|---|
| New monthly payment | $2,189.48 | $2,081.90 | −$107.58 |
| Monthly savings | $63.94 | $171.52 | +$107.58 |
| Closing costs | $6,000 | $6,000 | same |
| Break even in | 7 yr 10 mo | 2 yr 11 mo | 4 yr 11 mo sooner |
| Interest on the new loan | $468,213 | $429,484 | −$38,729 |
| New loan runs for | 30 yr | 30 yr | same |
Your current loan is identical in both columns — only the new offer changes. Break-even is the closing costs divided by the monthly saving, so an offer that raises your payment never breaks even. Interest is the loan itself, over its full new term, with no extra payments.
📅 Amortization schedule
How each year of the new loan splits between principal and interest, and what you still owe at the end of it. Switch to Months to step through the payments themselves.
| Year | Principal | Interest | Balance left |
|---|---|---|---|
| 1 | $3,079 | $23,195 | $316,921 |
| 2 | $3,311 | $22,963 | $313,610 |
| 3 | $3,560 | $22,714 | $310,050 |
| 4 | $3,828 | $22,446 | $306,222 |
| 5 | $4,116 | $22,157 | $302,105 |
| 6 | $4,426 | $21,848 | $297,679 |
| 7 | $4,759 | $21,514 | $292,919 |
| 8 | $5,118 | $21,156 | $287,802 |
| 9 | $5,503 | $20,771 | $282,299 |
| 10 | $5,917 | $20,356 | $276,381 |
| 11 | $6,363 | $19,911 | $270,019 |
| 12 | $6,842 | $19,432 | $263,177 |
| 13 | $7,357 | $18,917 | $255,820 |
| 14 | $7,911 | $18,363 | $247,910 |
| 15 | $8,506 | $17,768 | $239,404 |
| 16 | $9,146 | $17,127 | $230,258 |
| 17 | $9,835 | $16,439 | $220,423 |
| 18 | $10,575 | $15,699 | $209,847 |
| 19 | $11,371 | $14,902 | $198,476 |
| 20 | $12,227 | $14,046 | $186,249 |
| 21 | $13,148 | $13,126 | $173,101 |
| 22 | $14,138 | $12,136 | $158,963 |
| 23 | $15,202 | $11,072 | $143,762 |
| 24 | $16,346 | $9,928 | $127,415 |
| 25 | $17,577 | $8,697 | $109,839 |
| 26 | $18,900 | $7,374 | $90,939 |
| 27 | $20,323 | $5,951 | $70,616 |
| 28 | $21,852 | $4,421 | $48,764 |
| 29 | $23,498 | $2,776 | $25,266 |
| 30 | $25,266 | $1,007 | $0 |
| Total | $320,000 | $468,213 | $0 |
Interest is charged on the balance you still owe, so early years are mostly interest and later years mostly principal. Assumes every payment is made on time and the rate never changes. It also assumes no extra principal is paid. This is the loan you'd be refinancing into — 30 years at 7.28%. Principal and interest only; closing costs, taxes and insurance aren't part of the balance you owe.
⚠️ Lower payment, but more total interest: resetting to a 30-year term stretches the loan back out. If you keep your old payoff timeline, the refinance can still win.
Refinance Calculator · Far Better Off
https://farbetteroff.com/calculators/refinance-calculator
Open that link to get this calculator back with these exact numbers. Estimates for education only — Far Better Off is not a lender or a financial advisor, and these results are not financial advice.