The month a refinance pays for itself
A new rate against the cost of getting it, and the point where the two cross.
Now, and instead
The loan you have
The loan you are considering
Lower each month by
$413
The costs are repaid in month 20 — about 1.7 years.
Payment now$2,739
Payment after$2,326
New loan amount$388,000
Interest left on the old loan$507,367
Interest on the new loan$449,452
Difference over the full termA longer term can lower the payment and still cost more$57,915
Amortisation schedule
360 payments · $449,452 interest over the life of the loan. Illustrative.
| Period | Payment | Interest | Principal | Balance | Interest to date |
|---|---|---|---|---|---|
| Year 1 | $27,915 | $23,150 | $4,765 | $383,235 | $23,150 |
| Year 2 | $27,915 | $22,857 | $5,059 | $378,177 | $46,007 |
| Year 3 | $27,915 | $22,545 | $5,371 | $372,806 | $68,551 |
| Year 4 | $27,915 | $22,213 | $5,702 | $367,104 | $90,765 |
| Year 5 | $27,915 | $21,862 | $6,053 | $361,051 | $112,626 |
| Year 6 | $27,915 | $21,488 | $6,427 | $354,624 | $134,114 |
| Year 7 | $27,915 | $21,092 | $6,823 | $347,801 | $155,206 |
| Year 8 | $27,915 | $20,671 | $7,244 | $340,557 | $175,877 |
| Year 9 | $27,915 | $20,224 | $7,691 | $332,866 | $196,102 |
| Year 10 | $27,915 | $19,750 | $8,165 | $324,701 | $215,851 |
| Year 11 | $27,915 | $19,246 | $8,669 | $316,032 | $235,098 |
| Year 12 | $27,915 | $18,712 | $9,204 | $306,828 | $253,809 |
| Year 13 | $27,915 | $18,144 | $9,771 | $297,057 | $271,953 |
| Year 14 | $27,915 | $17,541 | $10,374 | $286,683 | $289,494 |
| Year 15 | $27,915 | $16,901 | $11,014 | $275,670 | $306,396 |
| Year 16 | $27,915 | $16,222 | $11,693 | $263,977 | $322,618 |
| Year 17 | $27,915 | $15,501 | $12,414 | $251,562 | $338,119 |
| Year 18 | $27,915 | $14,735 | $13,180 | $238,382 | $352,854 |
| Year 19 | $27,915 | $13,922 | $13,993 | $224,390 | $366,776 |
| Year 20 | $27,915 | $13,059 | $14,856 | $209,534 | $379,835 |
| Year 21 | $27,915 | $12,143 | $15,772 | $193,762 | $391,978 |
| Year 22 | $27,915 | $11,170 | $16,745 | $177,017 | $403,149 |
| Year 23 | $27,915 | $10,137 | $17,778 | $159,239 | $413,286 |
| Year 24 | $27,915 | $9,041 | $18,874 | $140,365 | $422,327 |
| Year 25 | $27,915 | $7,877 | $20,038 | $120,327 | $430,204 |
| Year 26 | $27,915 | $6,641 | $21,274 | $99,053 | $436,845 |
| Year 27 | $27,915 | $5,329 | $22,586 | $76,466 | $442,173 |
| Year 28 | $27,915 | $3,936 | $23,979 | $52,487 | $446,109 |
| Year 29 | $27,915 | $2,457 | $25,458 | $27,029 | $448,566 |
| Year 30 | $27,915 | $886 | $27,029 | $0 | $449,452 |
What this page assumed
- The existing loan is treated as 27 years of payments left at 7.500%.
- Refinance costs are financed, so they earn interest for the life of the new loan.
- Break-even counts the payment difference only. It ignores the interest already paid, the reset of the term, and any tax treatment.
- Every figure on this page is illustrative. It is not a rate, an APR, a quote or a commitment to lend.
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Talk it through with someone
A demonstration form. It validates, then shows you the thank-you state — it does not send, store or transmit anything.
Numbers are a start, not an answer.
A calculator does not know your credit, your reserves, the property, or what the seller will agree to. On a real site this is where you would talk to somebody.