| Current Monthly P&I | $2,120.34 |
| New Monthly P&I | $1,798.65 |
| New Loan Amount | $300,000.00 |
| Monthly Savings | $321.69 |
|---|
You'd break even in
1 yr 7 mo
$6,000.00 in closing costs ÷ $321.69 saved per month. Keep the loan longer than that and the refinance pays for itself.
| Interest left on current loan | $336,101.28 |
| Total interest on new loan | $347,514.57 |
| Closing costs | $6,000.00 |
| Lifetime extra cost | $17,413.29 |
|---|
Heads up: the new term extends your payoff by 5 yr. A lower payment spread over more years can cost more in total interest — the lifetime figure above already includes that.
P&I only — taxes, insurance, and PMI continue regardless of which loan you hold. Estimates assume fixed rates and on-schedule payments.
Buying rather than refinancing? The full calculator includes taxes, insurance, and PMI. Weighing two complete loans? Put them side by side on the compare page.