Money made clearer
See when refinancing may pay off.
Compare entered loan terms and closing costs with a clear educational estimate.
From today forward
Keep current loan
Refinance
$1,933
Start with the payoff balance
Your payoff balance is the principal your lender says is still owed today. It is not your monthly payment multiplied by the time left. Ask your lender for a payoff quote when making a real refinance decision; it can include accrued interest or other payoff details.
How the forward comparison works
Future payments if you keep the loan = your current monthly principal-and-interest payment × remaining months.
New refinance loan amount = payoff balance + closing costs, but only when you choose to finance those costs.
Future refinance cost = new monthly principal-and-interest payment × new loan months + closing costs, but only when you pay them upfront.
Total difference from today = future refinance cost − future payments if you keep the loan.
Why a lower payment can still cost more
Early mortgage payments often include more interest because the balance is higher. That past interest is already paid and is not part of the refinance decision. A refinance can still cost more from today forward if its new term is longer, its rate is not low enough, or closing costs are high or financed.
Educational estimate, not refinancing advice. Taxes, insurance, mortgage insurance, rate locks, cash-out financing, and lender fees may change the outcome.