Are closing costs included in the new loan balance?

No. For this MVP, closing costs are tracked separately for break-even math and are not added to the refinance principal.

What if the new payment is not lower?

Monthly payment savings may be zero or negative. In that case the calculator does not report a payment break-even month.

Mortgage Refinance Calculator

Estimate how a refinance might change your monthly payment and remaining interest based on the balance, rates, terms, and closing costs you enter. Results update from your inputs. This is an educational estimate — not a lender quote or financial advice.

Estimated results

Educational estimate

New estimated monthly payment

$1,719.72

Primary result based on the refinance terms you entered. Rounded for display only.

Current estimated payment: $1,900.91
Estimated monthly difference: $181.19

Interest and break-even

Remaining interest (current loan): $206,218.41
Total interest (new loan): $162,732.38
Interest difference: $43,486.02
Closing costs (entered): $3,000.00

Payment break-even: Approximately 16.6 months. This is closing costs divided by monthly payment savings when savings are positive — not a full economic break-even.

Total payments

Current path (240 mo): $456,218.41
New loan (240 mo): $412,732.38

Amortization schedules

Generated by the shared amortization engine from the same payment math used above.

Current loan schedule

240 payments. Focus the table region to scroll with the keyboard.

Current loan schedule
#	Payment	Principal	Interest	Balance
1	$1,900.91	$494.66	$1,406.25	$249,505.34
2	$1,900.91	$497.44	$1,403.47	$249,007.90
3	$1,900.91	$500.24	$1,400.67	$248,507.66
4	$1,900.91	$503.05	$1,397.86	$248,004.60
5	$1,900.91	$505.88	$1,395.03	$247,498.72
6	$1,900.91	$508.73	$1,392.18	$246,989.99
7	$1,900.91	$511.59	$1,389.32	$246,478.40
8	$1,900.91	$514.47	$1,386.44	$245,963.93
9	$1,900.91	$517.36	$1,383.55	$245,446.57
10	$1,900.91	$520.27	$1,380.64	$244,926.29
11	$1,900.91	$523.20	$1,377.71	$244,403.09
12	$1,900.91	$526.14	$1,374.77	$243,876.95
13	$1,900.91	$529.10	$1,371.81	$243,347.85
14	$1,900.91	$532.08	$1,368.83	$242,815.77
15	$1,900.91	$535.07	$1,365.84	$242,280.70
16	$1,900.91	$538.08	$1,362.83	$241,742.62
17	$1,900.91	$541.11	$1,359.80	$241,201.51
18	$1,900.91	$544.15	$1,356.76	$240,657.36
19	$1,900.91	$547.21	$1,353.70	$240,110.15
20	$1,900.91	$550.29	$1,350.62	$239,559.85
21	$1,900.91	$553.39	$1,347.52	$239,006.47
22	$1,900.91	$556.50	$1,344.41	$238,449.97
23	$1,900.91	$559.63	$1,341.28	$237,890.34
24	$1,900.91	$562.78	$1,338.13	$237,327.56
25	$1,900.91	$565.94	$1,334.97	$236,761.62
26	$1,900.91	$569.13	$1,331.78	$236,192.50
27	$1,900.91	$572.33	$1,328.58	$235,620.17
28	$1,900.91	$575.55	$1,325.36	$235,044.62
29	$1,900.91	$578.78	$1,322.13	$234,465.84
30	$1,900.91	$582.04	$1,318.87	$233,883.80
31	$1,900.91	$585.31	$1,315.60	$233,298.48
32	$1,900.91	$588.61	$1,312.30	$232,709.88
33	$1,900.91	$591.92	$1,308.99	$232,117.96
34	$1,900.91	$595.25	$1,305.66	$231,522.72
35	$1,900.91	$598.59	$1,302.32	$230,924.12
36	$1,900.91	$601.96	$1,298.95	$230,322.16

Showing 36 of 240 rows.

New loan schedule

240 payments. Focus the table region to scroll with the keyboard.

New loan schedule
#	Payment	Principal	Interest	Balance
1	$1,719.72	$573.88	$1,145.83	$249,426.12
2	$1,719.72	$576.52	$1,143.20	$248,849.60
3	$1,719.72	$579.16	$1,140.56	$248,270.44
4	$1,719.72	$581.81	$1,137.91	$247,688.63
5	$1,719.72	$584.48	$1,135.24	$247,104.15
6	$1,719.72	$587.16	$1,132.56	$246,516.99
7	$1,719.72	$589.85	$1,129.87	$245,927.15
8	$1,719.72	$592.55	$1,127.17	$245,334.59
9	$1,719.72	$595.27	$1,124.45	$244,739.32
10	$1,719.72	$598.00	$1,121.72	$244,141.33
11	$1,719.72	$600.74	$1,118.98	$243,540.59
12	$1,719.72	$603.49	$1,116.23	$242,937.10
13	$1,719.72	$606.26	$1,113.46	$242,330.84
14	$1,719.72	$609.04	$1,110.68	$241,721.81
15	$1,719.72	$611.83	$1,107.89	$241,109.98
16	$1,719.72	$614.63	$1,105.09	$240,495.35
17	$1,719.72	$617.45	$1,102.27	$239,877.90
18	$1,719.72	$620.28	$1,099.44	$239,257.63
19	$1,719.72	$623.12	$1,096.60	$238,634.50
20	$1,719.72	$625.98	$1,093.74	$238,008.53
21	$1,719.72	$628.85	$1,090.87	$237,379.68
22	$1,719.72	$631.73	$1,087.99	$236,747.95
23	$1,719.72	$634.62	$1,085.09	$236,113.33
24	$1,719.72	$637.53	$1,082.19	$235,475.80
25	$1,719.72	$640.45	$1,079.26	$234,835.34
26	$1,719.72	$643.39	$1,076.33	$234,191.95
27	$1,719.72	$646.34	$1,073.38	$233,545.62
28	$1,719.72	$649.30	$1,070.42	$232,896.32
29	$1,719.72	$652.28	$1,067.44	$232,244.04
30	$1,719.72	$655.27	$1,064.45	$231,588.77
31	$1,719.72	$658.27	$1,061.45	$230,930.50
32	$1,719.72	$661.29	$1,058.43	$230,269.22
33	$1,719.72	$664.32	$1,055.40	$229,604.90
34	$1,719.72	$667.36	$1,052.36	$228,937.54
35	$1,719.72	$670.42	$1,049.30	$228,267.11
36	$1,719.72	$673.49	$1,046.22	$227,593.62

Showing 36 of 240 rows.

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How this calculation works

The tool compares keeping your current fixed-rate loan for its remaining term with starting a new fixed-rate loan at the balance you enter. Both paths use standard monthly amortization. Closing costs are tracked separately and are not automatically added to the new principal.

Monthly payment for a positive interest rate uses M = P × r × (1 + r)^n / ((1 + r)^n − 1), where r is the monthly rate (annual percent ÷ 100 ÷ 12) and n is months. If the rate is 0%, payment is principal ÷ months. Remaining interest is summed from the amortization schedule.

Payment break-even months = closing costs ÷ monthly payment savings when savings are greater than zero; otherwise break-even is not applicable.

Assumptions

Fixed-rate, fully amortizing loans with monthly payments.
Taxes, insurance, HOA, PMI, discount points, and prepayment penalties are excluded unless you fold them into closing costs yourself.
Closing costs are assumed paid out of pocket (not financed into the new loan).
No cash-out beyond replacing the stated current balance.
Simple payment break-even is not a complete economic break-even analysis.

Limitations

Does not quote lender rates, fees, or approval odds.
Does not model ARM resets, escrow changes, or points buydowns unless you encode them in your inputs.
Estimated payment savings are not guaranteed and depend on assumptions you enter.

Frequently asked questions

Are closing costs included in the new loan balance?: No. For this MVP, closing costs are tracked separately for break-even math and are not added to the refinance principal.
What if the new payment is not lower?: Monthly payment savings may be zero or negative. In that case the calculator does not report a payment break-even month.

HELOC / home equity calculator — Simplified equity and borrowing-capacity estimate.
Debt payoff calculator — Snowball vs avalanche payoff timelines.
All calculators

How mortgage refinance savings are calculated — Payment differences, interest paths, and simple payment break-even.
Refinance vs keep current mortgage — Side-by-side illustrative keep path versus refinance path.
15-year vs 30-year refinance comparison — Illustrative term tradeoffs under shared assumed inputs.
How HELOC borrowing capacity is estimated
Methodology — How amortization and break-even are specified.

Mortgage Refinance Calculator

Your inputs

Estimated results

New estimated monthly payment

Interest and break-even

Amortization schedules

Current loan schedule

New loan schedule

How this calculation works

Assumptions

Limitations

Frequently asked questions

Your inputs

Estimated results

New estimated monthly payment

Interest and break-even

Amortization schedules

Current loan schedule

New loan schedule

Your inputs

Estimated results

New estimated monthly payment

Interest and break-even

Amortization schedules

Current loan schedule

New loan schedule

How this calculation works

Assumptions

Limitations

Frequently asked questions

Related calculators

Related reading

Your inputs

Estimated results

New estimated monthly payment

Interest and break-even

Amortization schedules

Current loan schedule

New loan schedule