Refinance Calculator
Open full calculator on ToolKnack ↗Monthly savings
$315.05
Current payment
$2,162.20
New payment
$1,847.15
Break-even
1 yr 8 mo
New loan amount
$300,000
| Keep current | Refinance | |
|---|---|---|
| Interest still to pay | $400,553 | $364,975 |
| Closing costs | $0 | $6,000 |
| Years until paid off | 27.0 | 30 |
| Total cost difference | — | saves $29,579 |
You recover the closing costs after 1 yr 8 mo. Refinancing pays off if you keep the home longer than that.
Free calculator by ToolKnack