Finance
Refinance Savings Calculator
Compare an old mortgage payment with a new one to estimate monthly and total savings.
Formula
Each payment uses the amortising formula; monthly saving is old minus new, and break-even months are closing costs divided by monthly saving.
How it works
Refinancing can lower the monthly payment while extending the term, which may raise total interest — check both monthly saving and total cost, plus how long you will stay.
FAQs
What is break-even?
How many months of savings repay the closing costs.
Can a lower payment cost more overall?
Yes, if the new term is much longer.
Should fees be rolled into the loan?
That raises the balance — compare that option separately.
Are these figures financial advice?
No — they are estimates for planning only, not financial advice. Check with a qualified adviser for decisions involving large sums.
Estimates only, not financial advice. Figures are approximate and do not include all fees, taxes, or changing rates unless stated.