Calculator 04 of 09
Refinance Break-Even Calculator
Your current loan against a new one, costs included — and the month the change pays for itself.
Every figure produced here is illustrative and set for demonstration. Nothing on this page is a quote or an offer.
01Your loan today
26 years
The loan you are considering
Otherwise you bring them to closing.
$468.01/mo
Lower each month
Illustrative — not a quote
Payment now$2,971.37
Payment after$2,503.36
Closing costs$5,400
Break-evenMonth 12 · 1 year
Interest left on the current loan$515,067
Interest on the new loan, plus costs$494,608
Over the full term this saves about $20,459 — but only if you keep the loan that long.
02Interest paid, cumulative
03The new loan's balance
04The new loan, payment by payment
360 payments · $901,208 paid · $489,208 of it interest
| Year | Payment | Interest | Principal | Interest to date | Balance |
|---|---|---|---|---|---|
| 1 | $30,040 | $25,098 | $4,942 | $25,098 | $407,058 |
| 2 | $30,040 | $24,786 | $5,254 | $49,884 | $401,804 |
| 3 | $30,040 | $24,455 | $5,585 | $74,340 | $396,219 |
| 4 | $30,040 | $24,104 | $5,937 | $98,443 | $390,282 |
| 5 | $30,040 | $23,730 | $6,311 | $122,173 | $383,971 |
| 6 | $30,040 | $23,332 | $6,708 | $145,505 | $377,263 |
| 7 | $30,040 | $22,909 | $7,131 | $168,414 | $370,132 |
| 8 | $30,040 | $22,460 | $7,580 | $190,874 | $362,552 |
| 9 | $30,040 | $21,983 | $8,058 | $212,857 | $354,495 |
| 10 | $30,040 | $21,475 | $8,565 | $234,332 | $345,929 |
| 11 | $30,040 | $20,935 | $9,105 | $255,267 | $336,824 |
| 12 | $30,040 | $20,362 | $9,678 | $275,629 | $327,146 |
| 13 | $30,040 | $19,752 | $10,288 | $295,381 | $316,858 |
| 14 | $30,040 | $19,104 | $10,936 | $314,485 | $305,921 |
| 15 | $30,040 | $18,415 | $11,625 | $332,900 | $294,296 |
| 16 | $30,040 | $17,683 | $12,358 | $350,583 | $281,938 |
| 17 | $30,040 | $16,904 | $13,136 | $367,487 | $268,802 |
| 18 | $30,040 | $16,076 | $13,964 | $383,563 | $254,838 |
| 19 | $30,040 | $15,197 | $14,844 | $398,760 | $239,995 |
| 20 | $30,040 | $14,262 | $15,779 | $413,021 | $224,216 |
| 21 | $30,040 | $13,268 | $16,773 | $426,289 | $207,443 |
| 22 | $30,040 | $12,211 | $17,829 | $438,500 | $189,614 |
| 23 | $30,040 | $11,088 | $18,953 | $449,587 | $170,661 |
| 24 | $30,040 | $9,894 | $20,147 | $459,481 | $150,515 |
| 25 | $30,040 | $8,624 | $21,416 | $468,106 | $129,099 |
| 26 | $30,040 | $7,275 | $22,765 | $475,381 | $106,334 |
| 27 | $30,040 | $5,841 | $24,199 | $481,222 | $82,135 |
| 28 | $30,040 | $4,317 | $25,724 | $485,539 | $56,411 |
| 29 | $30,040 | $2,696 | $27,344 | $488,235 | $29,067 |
| 30 | $30,040 | $973 | $29,067 | $489,208 | $0 |
Assumptions on this page
- Break-even compares the closing costs against the monthly payment saved. It ignores the interest you would have earned on that money elsewhere.
- Resetting to a fresh 30-year term lowers the payment but restarts the amortisation — the lifetime line below is the one that catches it.
- Rolling costs into the loan means you pay interest on them for the life of the loan.
- No tax treatment of mortgage interest is modelled, and this is not tax advice.
Every rate, fee and figure here is illustrative and set for demonstration. Nothing on this page is a quote, an offer, a commitment to lend, or tax advice.