Refinance Calculator
Most refi calculators stop at break-even. This one shows the full picture — monthly savings, lifetime interest, term-extension risk, and the true cost of cash-out — so you can make the call honestly.
Your current loan
What you have today. Updates recalculate everything live.
Your new loan
The refinance you're considering.
You break even in 17 months and save $25,790 over the life of the loan.
Monthly payment
Lifetime interestWhat most refi calculators skip
Total interest you'd pay if you keep each loan to full term.
The three numbers a refi calculator should give you
A lower monthly payment is satisfying, but it's not the same as saving money. Three numbers actually determine whether a refinance is a good deal: how long it takes to recoup the closing costs, how the total interest compares, and what the new term does to your timeline.
1. Break-even point
Closing costs ÷ monthly savings. If you'll stay past this date, the refi starts paying you back. If you'll move sooner, you'll likely lose money on it.
2. Lifetime interest
Total interest on the old loan vs the new one — including the closing costs you just paid. This is the real bottom line and the number most calculators skip.
3. Term effect
Refinancing a loan with 22 years left into a fresh 30-year resets the clock. A lower rate can still mean more total interest if you keep the loan to term.
Cash-out refinance: cheap money, long debt
A cash-out refi converts home equity into spendable cash at mortgage interest rates — far cheaper than credit cards or personal loans. The trade-off: you're attaching that debt to your home for the next 15 to 30 years. Use it for things that hold value (home improvements, paying off high-interest debt) and be cautious about using it for depreciating purchases.