Mortgage Refinance Calculator
Compare your current loan with a refinance. See the new principal and interest payment, the monthly difference, how many months it takes to recover the costs and the change in total interest.
Current loan
New loan
Example rate, not a quote
New monthly payment
$1,786/mo
Principal and interest. Your current payment is $2,054/mo.
- Monthly savings$269
- Break-even on costs19 months
- Interest left on current loan$380,526
- Interest over the new loan$352,809
- Interest saved$27,717
- New loan amount
- $290,000
- Cash due at closing
- $0
Cash out and costs
Added to the new loan
Disclaimer: These calculators are for educational and comparison purposes only. The interest rates and other values shown are hypothetical examples, not current rates, an advertisement of available terms, an offer of credit, a pre-qualification or pre-approval, or a commitment to lend. Payments shown are estimates of principal and interest plus any taxes, insurance, HOA dues and mortgage insurance you enter; they don’t include every cost of a loan, and the annual percentage rate (APR), which reflects the cost of credit including certain fees, may be higher than the interest rate. Your actual rate, APR, payment and terms depend on your credit, income, assets, loan amount, down payment, property type, occupancy, location and other factors, and are subject to underwriting approval. Rates, fees, taxes, insurance and other costs change without notice. VA funding fees are estimated from the U.S. Department of Veterans Affairs’ published schedule and depend on your eligibility; Federal First Lending LLC is not affiliated with or acting on behalf of the VA or any government agency. Rent vs. buy, DSCR and fix & flip results are not a guarantee of rent, property value, profit or return, and are not tax, legal or investment advice. DSCR and fix & flip loans are business-purpose loans for investment properties. Federal First Lending LLC, NMLS #2381991. Equal Housing Opportunity.
Common questions
What is the break-even point?
It’s how many months of lower payments it takes to cover the cost of refinancing. If you expect to keep the loan longer than that, the refinance may be worth it.
Should I roll closing costs into the loan?
Adding costs to the loan means less cash at closing but a slightly larger balance and payment. Paying them at closing keeps the loan smaller. The calculator shows both.
Can a lower payment still cost more?
Yes. Starting a new 30-year term can lower the payment but add interest over the life of the loan. Compare the interest figures, not only the payment.