Free rental planning tool
Mortgage refinance calculator
Compare fixed-rate principal and interest payments, closing-cost break-even, and remaining scheduled costs.
How this calculation works
Both payments use the same current balance with fully amortizing fixed-rate terms. Simple break-even divides cash closing costs by monthly payment savings. Compare remaining scheduled payments as well: extending a term can lower the payment while increasing total cost.
Assumptions to review
Excludes taxes, insurance, points paid separately, penalties, cash-out borrowing, and costs financed into the new loan. It is a scenario, not a lender quote.
Prepare and compare a refinance scenario
Gather comparable loan figures. Use your current statement for the unpaid balance, interest rate and remaining years. Enter the proposed fixed rate, full new term and closing costs you would pay in cash. Start with equal remaining and new terms to see the rate change; then try the term actually offered. This calculator holds the balance constant, so a quote with cash out or financed fees needs a separate comparison.
Read savings alongside the payoff schedule. A lower monthly payment can come from a lower rate, a longer repayment period, or both. Compare the remaining scheduled costs as well as the payment. Simple break-even shows how many months of positive payment savings recover the cash closing costs; compare that with how long you expect to keep this loan. It does not measure equity at a future sale or investment returns.
Keep a separate rental budget. These payments cover principal and interest. Property taxes, insurance, vacancy, repairs, management and reserves still belong in the property's cash-flow plan. Rerun the scenario when a lender's rate or fees change, and compare the actual loan terms and itemized costs before making a decision.