Refinance & Mortgage Renewal Calculator
Should you refinance or renew? Compare payments, penalties, fees, interest savings, and the break-even point of a new mortgage rate.
Your current mortgage
$
%
The new mortgage
%
$
$
$
Is the switch worth it?
Monthly savings
$316
$3,119 → $2,802
Break-even
1 yr 6 mo
How long until the savings repay the up-front cost
Current payment
$3,119New payment
$2,802New loan amount
$480,000Up-front cost
$5,700Penalty plus legal and other fees
Interest left on current mortgage
$343,310Interest on new mortgage
$259,809Net interest saved
$77,802After penalty and fees, over the full amortization
Penalties vary by lender and mortgage type. Ask your lender for an exact payout statement before deciding.