Loan Tax CalculatorRefinance Savings Calculator
Compare your current mortgage to a refinance option. Calculate break-even points, total interest savings, and monthly payment changes.
Estimated monthly savings
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- New monthly payment
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- Break-even
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- Lifetime interest saved
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Interest savings compare your remaining schedule to the full new term. Refinancing usually pays off only if you stay past the break-even point.
Read the assumptions
Results are planning estimates based on the formula shown below. They are not a quote, a loan approval, or tax advice.
Worked example
- Current Loan
- $300,000 at 5.5% with 25 years remaining
- New Loan
- $300,000 at 4.5% for 20 years
- Closing Costs
- $6,000
- Monthly Savings
- $254
- Break-Even
- 24 months
How it works
Calculate monthly P&I with current loan; calculate new P&I with refinance terms; compare total interest paid over remaining life. Break-even point = (Closing Costs) / (Monthly Savings). Assess if refinance pays off before selling or moving.