What is this calculator?
Compare monthly payments and calculate fee break-even time.
What can you use it for?
Use this tool to compare a financial scenario using the assumptions you control. Compare monthly payments and calculate fee break-even time.
How to use it
- Enter balance to refinance.
- Enter old annual rate (%).
- Enter new annual rate (%).
- Enter remaining term (years).
- Enter refinance costs.
- Select Calculate (or Generate for random tools).
- Read the answer and any additional results below the form. Check the units and the limits of the method.
Formula and method
Break-even months = fees ÷ monthly saving
The comparison uses the same balance and remaining term. A break-even is shown only when the new payment is lower.
Worked example
Balance to refinance: 2000000, Old annual rate (%): 12, New annual rate (%): 9, Remaining term (years): 15, Refinance costs: 50000. The result is 3,718.02955859 (monthly payment saving).
Assumptions and limits
This is a mathematical estimate using the values you enter. Confirm real product terms, fees, tax rules and dates before acting on it.
Frequently asked questions
What inputs does the Refinance Calculator need?
Use balance to refinance, old annual rate (%), new annual rate (%), remaining term (years), refinance costs. Read the answer and any additional results below the form. Check the units and the limits of the method.
What assumptions apply to the Refinance Calculator?
This is a mathematical estimate using the values you enter. Confirm real product terms, fees, tax rules and dates before acting on it.