Refinance Savings Calculator

See if refinancing makes financial sense. Compare your current mortgage costs against a new rate, factoring in penalties.

Current Balance$400,000

$50K$1.5M

Current Rate5.80%

Years Remaining22 years

Estimated Penalty to Break$5,000

$0$30K

New Rate4.20%

New Amortization

Monthly Savings

+$503

$6,030/year

Current Payment$2,685/mo

New Payment$2,183/mo

5-Year Net Savings+$23,951

Break-Even Point10 months

Refinancing looks beneficial! After accounting for the $5,000 penalty, you'd still save $23,951 over 5 years.