General ยท Any Loan Type

Refinance Calculator

Line up your current loan against a new rate and term to see the payment, the savings, and the break-even point — works for a mortgage, auto loan, or any other installment loan.

Current loan

$
%

New loan

%
$

Term fields accept fractional years (e.g. 4.5). Payments are principal & interest only.

Old vs. new

Current monthly payment $0
New monthly payment $0
Break-even on closing costs
Lifetime interest, old loan $0
Lifetime interest, new loan $0
Monthly savings $0

What "break-even" means here

Refinancing usually costs something upfront — origination fees, appraisal, title work. The break-even point is how many months of monthly savings it takes to cover those costs. If you plan to keep the loan (or the underlying asset) longer than that, the refinance is usually worth it on the numbers alone.

Why lifetime interest matters too

A lower monthly payment can still cost more in total interest if you stretch the term back out. This calculator shows both figures so a longer, cheaper-per-month loan doesn't look better than it actually is.

Does this work for something other than a mortgage?

Yes — the math is the same fixed-rate amortization used for auto loans, personal loans, and student loans. Use the dedicated calculators for loan-type-specific notes.

What if my new payment is higher but I still save money?

That can happen if you shorten the term significantly. Watch the lifetime interest figures, not just the monthly payment, to judge the full trade-off.

Every calculator on Cash Out Refinance Calculator