Refinance Calculator

$
%
years
%
$
Pay closing costs

Break-even point

30.4 months

Current monthly payment
$1,330.60
New monthly payment
$1,199.10
Monthly savings
$131.50
Remaining interest, current loan
$279,018
Total interest, new loan
$231,676
Lifetime savings after costs
$43,341
Current loan interest: 279,017.8New loan interest: 231,676.38
Current loan interestNew loan interest

You recover closing costs in about 2 years, 7 months. Refinancing pays off if you keep the loan longer than that.

Open the full refinance calculator with the formula and FAQs at Calcs for Life