The Loan WeekMortgage refinance calculator
Compare your remaining loan with a new fixed-rate quote. Include fees and the balance still owed after the same number of months.
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Keep current loan minus Refinance quote: borrowing cost
−$729.21 through month 60
Positive means the second option costs less; negative means it costs more. Cost includes entered fees and interest, with the remaining balance accounted for.
- Monthly payment difference
- +$208.98
- Keep current loan balance at horizon
- $271,686.49
- Refinance quote balance at horizon
- $281,954.70
Source: Entered terms and monthly amortization. Starting quotes are illustrative, not current lender offers.
Payment, debt and cost together
| Measure | Keep current loan | Refinance quote |
|---|---|---|
| Opening debt | $300,000.00 | $303,000.00 |
| Monthly principal and interest | $2,025.62 | $1,816.64 |
| Loan costs paid now | $0.00 | $3,000.00 |
| Loan costs added to debt | $0.00 | $3,000.00 |
| Months until scheduled payoff | 300 | 360 |
| Cash paid through horizon | $121,537.29 | $111,998.29 |
| Debt remaining at horizon | $271,686.49 | $281,954.70 |
| Borrowing cost through horizon | $93,223.78 | $93,952.99 |
| Lifetime interest plus entered fees | $307,686.45 | $356,989.71 |
At month 60, Keep current loan minus Refinance quote is +$9,539.00 in cash paid and −$729.21 in borrowing cost. Across both full repayment terms, the borrowing-cost difference is −$49,303.27. A positive difference favors the second option.
When does the second option first cost less?
- Cumulative cash paid: month 15.
- Borrowing cost including remaining debt: month 74.
These are the first months with a strictly positive difference, evaluated at monthly payment dates. Month 0 means the upfront costs already differ. A first crossing can reverse later, especially after the original loan is paid off. It is not a promise of permanent savings.
See the comparison over time
| Month | First balance | Second balance | Cash difference | Cost difference |
|---|---|---|---|---|
| 0 | $300,000.00 | $303,000.00 | −$3,000.00 | −$6,000.00 |
| 12 | $295,046.70 | $299,279.12 | −$492.20 | −$4,724.62 |
| 15 | $293,757.39 | $298,313.59 | +$134.75 | −$4,421.45 |
| 24 | $289,761.67 | $295,328.75 | +$2,015.60 | −$3,551.48 |
| 36 | $284,122.70 | $291,134.73 | +$4,523.40 | −$2,488.63 |
| 48 | $278,106.07 | $286,682.03 | +$7,031.20 | −$1,544.76 |
| 60 (chosen horizon) | $271,686.49 | $281,954.70 | +$9,539.00 | −$729.21 |
| 72 | $264,836.98 | $276,935.80 | +$12,046.80 | −$52.01 |
| 74 | $263,651.61 | $276,069.72 | +$12,464.77 | +$46.66 |
| 84 | $257,528.75 | $271,607.34 | +$14,554.60 | +$476.02 |
| 96 | $249,731.08 | $265,950.23 | +$17,062.41 | +$843.25 |
| 108 | $241,411.18 | $259,944.21 | +$19,570.21 | +$1,037.18 |
| 120 | $232,534.08 | $253,567.75 | +$22,078.01 | +$1,044.34 |
| 132 | $223,062.46 | $246,798.00 | +$24,585.81 | +$850.27 |
| 144 | $212,956.52 | $239,610.71 | +$27,093.61 | +$439.42 |
| 156 | $202,173.75 | $231,980.12 | +$29,601.41 | −$204.95 |
| 168 | $190,668.85 | $223,878.89 | +$32,109.21 | −$1,100.83 |
| 180 | $178,393.45 | $215,278.00 | +$34,617.01 | −$2,267.54 |
| 192 | $165,295.93 | $206,146.62 | +$37,124.81 | −$3,725.88 |
| 204 | $151,321.25 | $196,452.04 | +$39,632.61 | −$5,498.18 |
| 216 | $136,410.66 | $186,159.52 | +$42,140.41 | −$7,608.45 |
| 228 | $120,501.49 | $175,232.18 | +$44,648.21 | −$10,082.48 |
| 240 | $103,526.84 | $163,630.87 | +$47,156.01 | −$12,948.01 |
| 252 | $85,415.37 | $151,314.01 | +$49,663.81 | −$16,234.82 |
| 264 | $66,090.94 | $138,237.47 | +$52,171.62 | −$19,974.91 |
| 276 | $45,472.32 | $124,354.40 | +$54,679.42 | −$24,202.67 |
| 288 | $23,472.83 | $109,615.06 | +$57,187.22 | −$28,955.01 |
| 300 | $0.00 | $93,966.62 | +$59,695.02 | −$34,271.61 |
| 312 | $0.00 | $77,353.03 | +$37,895.36 | −$39,457.67 |
| 324 | $0.00 | $59,714.74 | +$16,095.70 | −$43,619.04 |
| 336 | $0.00 | $40,988.56 | −$5,703.95 | −$46,692.52 |
| 348 | $0.00 | $21,107.39 | −$27,503.61 | −$48,611.01 |
| 360 | $0.00 | $0.00 | −$49,303.27 | −$49,303.27 |
The CSV includes entered assumptions and monthly amounts. Copying a scenario URL shares its inputs. Query values can remain in browser history and hosting logs; this page does not send them to analytics.
Method and limits
Borrowing cost at a horizon = cumulative loan payments + cash-paid loan costs + remaining debt − starting principal before financed costs. This equals interest accrued through that month plus the entered costs. Financed costs are included once through the larger debt. Repayment of principal is not treated as a borrowing cost.
The model uses fixed rates, monthly interest (annual note rate ÷ 12), and payments at the end of each month. Payments are calculated at full precision; displayed values are rounded. After payoff, that option contributes no more payments. There is no discount rate, investment return, tax deduction or inflation adjustment.
The current payment is reconstructed from the entered balance, rate and remaining term; it is not read from your statement. Use principal balance, not a payoff quote containing fees or accrued daily interest. Enter those extra costs once in the fee fields. The refinance has no cash-out proceeds. A longer new term can lower the payment while raising lifetime cost.
Property taxes, homeowners or vehicle insurance, mortgage insurance, escrow deposits/refunds and ongoing fees are excluded. Separate unchanged ownership costs from transaction costs. Enter any relevant prepayment or refinancing charge once; check the actual contract before using this estimate.
Sources reviewed September 27, 2026.
Reset illustrative example · Full amortization tool · Mortgage with ownership costs
Related decisions
Questions
Are these lender offers?
No. Defaults illustrate the method. Enter your own quote and check its loan disclosures. Eligibility and approval are not modeled.
Why can a lower payment cost more?
Extending repayment can leave more debt at the comparison horizon and add interest over the full term. Review both balances and total costs.
What is excluded?
Taxes, insurance, escrow, cash-out proceeds, investment returns, variable rates, daily-interest timing, skipped payments and any fee not entered. This is not a complete ownership budget.
Are my inputs saved?
The form uses a URL query. Inputs can remain in your browser history and hosting logs. Scenario pages omit analytics and use private, no-store responses; copying a scenario URL shares its inputs.
Sources
- CFPB: compare loan offers over the same holding period. How to compare loan costs, remaining balances and interest separately from principal. Reviewed September 27, 2026.
Page calculations or content last changed September 27, 2026. Observation and retrieval dates are listed per source above. How we calculate.