Refinance calculator

Updated 2026-09-26

Using Refinance calculator

Compare the remaining payment schedule with a new loan for the same balance and your refinance costs.

Assumes monthly interest at annual rate ÷ 12, a fixed rate, and payments at month-end. No daily accrual, fees, taxes, insurance, changing rates, or prepayment penalties. The model keeps unrounded balances; schedule rows show cents and may differ slightly from a lender’s rounding. Maximum 1,200 months. Simple cash-flow break-even divides fees by monthly payment reduction. It can mislead when terms differ: compare total cost and remaining debt too. Fees are paid upfront; no cash-out or financed fees are modeled.

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A worked example

With remaining principal = 12000, current annual interest percent = 0, remaining current months = 12, new annual interest percent = 0, new term in months = 24, upfront refinance costs = 600, the monthly payment reduction is 500.00 (rounded to two decimal places).

Before you use the result

Assumes monthly interest at annual rate ÷ 12, a fixed rate, and payments at month-end. No daily accrual, fees, taxes, insurance, changing rates, or prepayment penalties. The model keeps unrounded balances; schedule rows show cents and may differ slightly from a lender’s rounding. Maximum 1,200 months. Simple cash-flow break-even divides fees by monthly payment reduction. It can mislead when terms differ: compare total cost and remaining debt too. Fees are paid upfront; no cash-out or financed fees are modeled. Calculations keep full browser-number precision. Money amounts are displayed to two decimal places; other results use up to 12 significant digits. Very large values may lose precision.