Compare payment relief, closing costs, remaining balances, and total financial benefit before replacing your current mortgage.
Strong fit
The estimated benefit clears the costs within your planning horizon while improving monthly cash flow.
Proceed
Monthly P&I savings
+$417
$3,619 today → $3,202 with the quote.
Fee recovery
2.1 years
$9,000 in net lender and third-party costs.
7-year net benefit
+$20,204
Includes payment cash flow and the difference in remaining balances.
Before and after
Your refinance path
Month 84
+$20,204
Move across the chart or use the slider to inspect any month. The model includes both cash flow and remaining loan balance.
Cash required
$9,000
Estimated net fees paid at closing.
Payoff timeline
3 years longer
A lower payment can hide a longer debt timeline. This comparison keeps that visible.
Next best move
Request the official Loan Estimate.
Compare APR, points, prepaids, escrow funding, and cash to close—not only the advertised rate.
This prototype treats closing costs as a real economic cost even when they are financed. Net benefit combines monthly cash-flow changes with the remaining balance on each loan, so extending the term cannot look like free savings.
Questions, answered
The model compares the month-by-month cash flow and remaining balance of your current mortgage with the proposed refinance. Break-even is the first month when the refinance's modeled net financial position has recovered its closing costs.
No. A lower payment can result from extending the payoff timeline. The calculator therefore displays payment savings, interest over your selected horizon, remaining balances, closing costs, and the change in payoff timeline.
Financing the costs reduces cash due at closing but increases the new loan balance and the interest charged on that balance. The calculator continues to treat those fees as an economic cost.
They are excluded from the refinance comparison because refinancing usually does not change them. Your new escrow funding requirement and prepaid items may still affect the actual cash required at closing.
Enter the note interest rate in the rate field and include lender and third-party charges in closing costs. When comparing real offers, also review APR, points, lender credits, prepaids, escrow funding, and the official Loan Estimate.
No. Results are educational estimates based on the information entered. MortgageCalcGrid is not a lender or broker and does not provide approvals, rate locks, tax advice, or personalized financial advice.