Calculator
Is a refinance worth the cost?
Break-even is the honest test. A lower payment achieved by restarting a thirty-year term can cost more overall, so both figures are shown.
Your current loan
$
%
The new loan
%
$
Lender fees, title, recording, and prepaid items.
Break-even
18 mo
You reach break-even after about 1.5 years in the loan.
- Current payment
- $2,139
- New payment
- $1,799
- Monthly change
- -$340
- New loan amount
- $300,000
- Total interest, current path
- $418,570
- Total interest, new path
- $347,514
Calculation version mortgage-math@1.0.0
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