Refinance calculator
Compare your current loan with a new loan on the same balance. Fees and a longer term are counted.
Result
63,862.96Total saving (fees included)
- Current payment
- 1,199.10
- New payment
- 1,013.37
- Saving per month
- 185.73
- Left to pay today
- 431,676.38
- Total with the new loan
- 367,813.42
- Months to win back the fees
- 17
Inputs
- Balance left
- 200000
- Current rate
- 6
- Years left
- 30
- New rate
- 4.5
- New length
- 30
- Fees for the new loan
- 3000
How it is calculated
Each payment = P × i ÷ (1 − (1 + i)^−n), with i = rate ÷ 12.
Result
Total saving (fees included)
- Current payment
- 1,199.10
- New payment
- 1,013.37
- Saving per month
- 185.73
How it is calculated
- Each payment = P × i ÷ (1 − (1 + i)^−n), with i = rate ÷ 12.
- Total saving = (current payment × months left) − (new payment × new months + fees).
- Break-even = fees ÷ monthly saving, rounded up to a whole month.
Example
200,000 left, from 6% to 4.5% over 30 years, fees 3,000: 1,199.10 becomes 1,013.37, or 185.73 less a month. The fees are won back in 17 months.
Good to know
- Fixed rates, no insurance.
- A longer new loan can cost more in total even if the payment drops.
Frequently asked questions
What is this tool used for?
Compare your current loan with a new loan on the same balance. Fees and a longer term are counted.
How is the result calculated?
Each payment = P × i ÷ (1 − (1 + i)^−n), with i = rate ÷ 12.
What should I check before using the result?
Fixed rates, no insurance.