All Calculators
Refinance Calculator
Compare your current mortgage to a new loan. See how much you could save monthly and over the life of the loan.
Current Loan
%
Current Monthly P&I$2,523
New Loan
%1.00% lower
Additional cash taken at closing
New Monthly P&I$2,244
New Loan Amount$355,000
Monthly Savings
$279
per month
Break-Even
18
months (1.5 years)
Interest Saved
$14,530
less interest
| Current Loan | New Loan | |
|---|---|---|
| Monthly P&I | $2,523 | $2,244 |
| Interest Rate | 7.5% | 6.5% |
| Term Remaining | 27 years | 30 years |
| Total Remaining Payments | $817,313 | $807,782 |
| Total Interest | $467,313 | $452,782 |
| Closing Costs | — | $5,000 |
| Net Savings | $4,530 |
Refinancing could save you money
You would save $279/month and break even on closing costs in 18 months (1.5 years). If you plan to stay in your home longer than that, refinancing is likely worthwhile.
Connect with a LoanGraphs Loan Officer
Get expert guidance for your area. Tell us what you're looking for.