Mortgage Tools
Refinance Savings Calculator
Compare the loan you have today against a scenario you're considering. If the scenario costs more, this tool will say so.
Estimated monthly savings
$417.35
Difference in monthly principal and interest only.
Scenario details
- New loan amount
- $300,000
- Estimated new principal & interest
- $1,798.65
- Estimated annual savings
- $5,008
- Estimated break-even periodHow long the monthly savings would take to cover the closing costs.
- 1 year, 2 months
- Remaining interest on current loan
- $365,659
- Total interest on new loan
- $347,515
- Lifetime interest reduction
- $18,145
Important
Results are estimates provided for educational purposes only. They are not a loan offer, an approval, a commitment to lend, a guaranteed rate, or final loan terms. Actual figures depend on underwriting, credit review, property details, program requirements, and market conditions at the time of application.
Extending the term can lower a monthly payment while increasing the total interest paid over the life of the loan. Compare both figures above. Closing costs, escrows, and prepaid items vary by transaction.
Want to discuss your options?
Nothing you enter here is sent to us. When you're ready, start a conversation with a mortgage professional.