Refinance Comparison Calculator
Compare mortgage refinancing options to determine potential savings. Calculate break-even points, monthly payment reductions, and total interest savings.
Step 1: Current Mortgage
$250,000
4.5%
$350,000
Understanding Your Current Mortgage
Your current mortgage details are essential for accurate comparison. Include any remaining loan balance, interest rate, and years left on your loan.
Step 2: New Mortgage Options
3.5%
$3,000
About Refinancing Costs
Closing costs typically range from 2-5% of the loan amount. Consider whether to pay these upfront or roll them into the new loan balance.
Refinance Comparison Results
Summary
Side-by-Side
Break-Even
Monthly Payment Savings
$287
By reducing rate from 4.5% to 3.5%
Break-Even Point
10.5 months
Total Interest Savings
$68,420
New Monthly Payment
$1,122
Current Monthly Payment
$1,409
Mortgage Comparison Details
| Category | Current Mortgage | New Mortgage | Difference |
|---|
Break-Even Analysis
Refinancing Formula
Break-Even = Closing Costs ÷ Monthly Savings
The break-even point is how many months it takes for your monthly savings to cover the closing costs. After this point, you begin to realize net savings.
Need Professional Mortgage Advice?
Connect with our mortgage experts for personalized refinancing analysis, rate comparison, and guidance through the refinancing process.
Get Professional Advice