Refinancing
Refinance Break-Even & Interest Savings Calculator
Compare the monthly payment, break-even point, and interest cost of keeping your current loan versus refinancing. Your original loan date and amount help account for where you are in the amortization schedule.
Enter your details
Use the latest statement balance for the best estimate.
Adds to the new loan amount
Monthly P&I savings
$338.11
Payment break-even in 14.79 months (1.23 years)
Current P&I
$2,270.22
New P&I
$1,932.12
First-year interest savings
$3,009.19
5-year interest savings
$13,747.03
Lifetime interest savings
-$23,946.55
Remaining current loan vs. full new loan
Estimated years remaining
24.67
Interest comparison
| Period | Keep loan | Refinance | Savings |
|---|---|---|---|
| First year | $22,767.85 | $19,758.66 | $3,009.19 |
| 5 years | $110,090.62 | $96,343.59 | $13,747.03 |
| 10 years | $208,358.82 | $185,203.78 | $23,155.04 |
| Remaining lifetime | $365,615.27 | $389,561.82 | -$23,946.55 |
A negative number means the refinance is estimated to cost more interest over that period.
New Loan Amortization Preview
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $19,758.66 | $3,426.73 | $302,573.27 |
| 2 | $19,529.53 | $3,655.87 | $298,917.40 |
| 3 | $19,285.08 | $3,900.32 | $295,017.08 |
| 4 | $19,024.28 | $4,161.11 | $290,855.97 |
| 5 | $18,746.04 | $4,439.35 | $286,416.62 |
| 6 | $18,449.20 | $4,736.19 | $281,680.43 |
| 7 | $18,132.51 | $5,052.88 | $276,627.55 |
| 8 | $17,794.65 | $5,390.74 | $271,236.80 |
| 9 | $17,434.19 | $5,751.20 | $265,485.60 |
| 10 | $17,049.63 | $6,135.76 | $259,349.84 |
| 11 | $16,639.36 | $6,546.03 | $252,803.81 |
| 12 | $16,201.66 | $6,983.74 | $245,820.07 |
| 13 | $15,734.69 | $7,450.71 | $238,369.36 |
| 14 | $15,236.49 | $7,948.91 | $230,420.46 |
| 15 | $14,704.98 | $8,480.42 | $221,940.04 |
| 16 | $14,137.93 | $9,047.46 | $212,892.58 |
| 17 | $13,532.96 | $9,652.43 | $203,240.15 |
| 18 | $12,887.55 | $10,297.85 | $192,942.30 |
| 19 | $12,198.97 | $10,986.42 | $181,955.88 |
| 20 | $11,464.36 | $11,721.04 | $170,234.85 |
| 21 | $10,680.62 | $12,504.77 | $157,730.07 |
| 22 | $9,844.48 | $13,340.91 | $144,389.16 |
| 23 | $8,952.43 | $14,232.96 | $130,156.20 |
| 24 | $8,000.74 | $15,184.66 | $114,971.54 |
| 25 | $6,985.40 | $16,199.99 | $98,771.55 |
| 26 | $5,902.18 | $17,283.22 | $81,488.33 |
| 27 | $4,746.52 | $18,438.87 | $63,049.46 |
| 28 | $3,513.59 | $19,671.80 | $43,377.66 |
| 29 | $2,198.22 | $20,987.17 | $22,390.49 |
| 30 | $794.90 | $22,390.49 | $0.00 |
How this is calculated
- The current payment is reconstructed from the original amount, note rate, loan date, and original term — the entered current balance anchors the forward projection.
- Interest savings compare the remaining current-loan schedule with the new-loan schedule at 1, 5, 10 years and over each loan's remaining lifetime.
- Payment break-even = closing costs ÷ monthly principal-and-interest savings — it does not include changes in taxes, insurance, escrow, or tax treatment.
- Closing costs are assumed to be paid in cash. Cash out is added to the new loan amount.
- Results are estimates and should be verified against the current mortgage statement and a lender's Loan Estimate.
Important disclaimer
The figures produced by this calculator are estimates provided for informational and educational purposes only. They are not a commitment to lend, a loan estimate, or a guarantee of any terms, rate, or approval.
Actual costs depend on many factors the tool cannot fully account for, including your specific loan program, the property's location and type, your credit profile, debt-to-income ratio, income documentation, current market interest rates, mortgage insurance requirements, taxes, and insurance premiums.
Interest rates, fees, and program guidelines change frequently. For an accurate quote tailored to your situation, connect with a One Eleven Mortgage loan officer who can review your complete financial picture and provide live, personalized numbers.
Next Step
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Founder & CEO
Kahren can turn these estimates into a real plan with live rates and program options.