Refinance Calculator
Compare your current loan with a refinance: new payment, monthly savings, interest and when the costs pay back.
Change the values and press Calculate to work out your own figures.
Enter the current loan and the new loan's term, rate and costs.
Show the working
- new payment = (balance + cash out) × i ÷ (1 − (1 + i)^−n)
- break-even = up-front costs ÷ monthly saving
How to use it
Enter the current loan and the new loan's term, rate and costs.
Enter amounts without commas or with them; rates are percentages (5 for 5%). Negative amounts are allowed where a sign means money paid out.
Key facts
new payment = (balance + cash out) × i ÷ (1 − (1 + i)^−n) break-even = up-front costs ÷ monthly saving
Questions
What would refinancing $250,000 into a 20-year loan at 6% cost a month?
$1,791.08.
Formulas
new payment = (balance + cash out) × i ÷ (1 − (1 + i)^−n) break-even = up-front costs ÷ monthly saving
Sources
Limitations
- Results are estimates for planning, not offers or financial advice; lenders and banks may round, count days or time payments differently.
- Rates are nominal annual rates compounded as you choose; payments at a different frequency use the equivalent periodic rate.