Compare your current loan with a refinance offer. See how a new interest rate, loan term, points, closing costs, and optional cash-out affect the payment and estimated total financing cost.
Side-by-side loan comparison • Fee and cash-out options • Break-even estimateRefinance comparison
Payment comparison
| Measure | Current loan | New loan |
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New loan amortization schedule
| Period | Payment | Interest | Principal | Ending balance |
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How the refinance calculator works
The calculator estimates the remaining cost of your current loan and compares it with a replacement loan. It includes the new rate and term, points, closing costs, a current-loan payoff penalty, and any cash-out amount you enter.
Understanding the result
- Monthly payment: estimated principal and interest for each loan.
- Net total-cost difference: current remaining payments minus new loan payments, cash costs, and cash-out proceeds. A positive amount means the modeled refinance costs less overall.
- Fee recovery estimate: months of monthly payment reduction needed to recover costs paid upfront. It is a cash-flow estimate and does not replace the total-cost comparison.
- Estimated fee-inclusive APR: an annualized comparison rate based on the useful refinance proceeds and scheduled payments. It is not a regulatory lender disclosure.
How are points, closing costs, and payoff penalties handled?
Points are estimated as a percentage of the new loan amount. If you choose to finance costs, points, closing costs, and the entered payoff penalty are added to the new balance and accrue interest. Otherwise, they are treated as upfront cash expenses.
What happens when I include cash-out?
The cash-out amount increases the new loan balance and monthly payment. The net total-cost comparison subtracts the cash received, but the estimate does not assess how you use those funds or compare other borrowing options.
What is excluded?
The model assumes fixed interest rates and regular monthly payments. It excludes taxes, insurance, escrow, variable-rate changes, lender-specific fees not entered, and tax consequences.
This estimate is not a lender offer or a guarantee of savings. Confirm rates, fees, APR, and payoff amounts with your lenders.