A familiar situation
A refinance can lower the rate while adding closing costs or restarting the repayment clock. Compare the remaining current payments with the new offer over a consistent horizon before deciding.
How to use this calculator
- Enter remaining loan balance, current apr, refinance apr and the remaining inputs.
- Select Calculate to see the answer and its breakdown.
- Keep a scenario, change an input and compare the results.
Use consistent units and check the assumptions below before applying the result.
How refinance is calculated
Both offers are compared across the same entered payoff period, and the new offer’s stated fee is included in its balance. A different term or fee treatment can change which option costs less. Formula: New payment amortizes balance plus fees at new APR; compare aggregate interest and fees over chosen months. Use the displayed details to inspect the intermediate amounts and replace example assumptions with terms from your own quote or records.
New payment amortizes balance plus fees at new APR; compare aggregate interest and fees over chosen months.A lower refinance rate can still cost more when fees are large or repayment stretches longer.
Assumptions & useful context
A negative difference favors the new offer over this comparison term.
Financial projections use your assumptions. Actual returns, lender terms, fees and tax rules can differ; these results do not guarantee a future outcome.
Frequently asked questions
Refinance Calculator: what does the result include?
The current and new offers use the same payoff period. The new balance includes the entered fee where the screen says it is financed; the rebate tool treats its amount as a credit.
Refinance Calculator: which assumptions matter most?
No. Compare total payments, fees and the time until the debt is cleared. A longer term can reduce the payment while increasing total cost.