Mortgage Refinance Savings Calculator
Enter your current loan balance, rate, and remaining term, plus the new rate and closing costs, to instantly estimate your monthly and total savings. See whether refinancing pays off after costs.
Input
$
%
%
yrs
$
Total of fees, registration, etc. Leave blank for 0
Result
Total savings from refinancing (25 years)
$1,322,700.00
Even after costs, refinancing could save you about $1,322,700.00.
Monthly payment reduction
$6,409.00
Current monthly payment
$79,987.00
New monthly payment
$73,578.00
Current total (remaining)
$23,996,100.00
New total + costs
$22,673,400.00
Refinancing costs
$600,000.00
How it works
- From your current loan balance, interest rate, and remaining term, the tool computes the equal monthly payment, then recomputes it for the same remaining term at the new interest rate. The difference in total payments, minus the refinancing costs, is shown as your estimated refinance savings.
- For a fair comparison, both the current and refinanced loan use the same remaining term. Extending or shortening the term when you refinance will change the result.
- Under refinancing costs, enter the total of items such as origination/processing fees, guarantee fees, stamp duty, registration (lien) fees, and any early-repayment fee. Leave it blank to treat it as zero.
- Monthly payments are computed with the standard amortizing-loan formula (balance, rate, number of payments) and rounded to the nearest unit. Total payments are an estimate of monthly payment × number of payments and ignore bonus/extra payments, mortgage insurance, and rate changes.
- A positive total saving means refinancing is likely to reduce your overall payments; a negative figure means costs outweigh the benefit. With a variable rate, future rate increases will change the outcome.
- Results are estimates only. Actual eligibility, rates, and costs depend on the lender's underwriting and products. Confirm with each lender's own quote and a professional before deciding to refinance.
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Mortgage Refinance Savings Calculator