Refinance Savings Calculator

See how much you could save by refinancing your mortgage

Current Mortgage
$300,000
6.5%
25 years
New Loan Terms
5.5%
30 years
$5,000
Your Potential Savings

Monthly Savings

$322

Lower payment

Interest Savings

$0

Over loan lifetime

Break-Even Point

16 months

To recover closing costs

Lifetime Savings

$0

Total cost difference

Payment Comparison

Current Monthly Payment

$2,026

Total Interest

$307,686

New Monthly Payment

$1,703

Total Interest

$313,212

Cost Comparison

Monthly PaymentTotal Interest0550110016502200

Balance Over Time

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  • Current Loan
  • New Loan

This calculator provides estimates only. Actual rates and terms may vary based on your credit profile and lender.