PFCHow to use this calculator
A lower payment can come from a lower rate or a longer loan. Compare both payments and remaining debt to understand the cost at the time you expect to move, refinance again, or review the loan.
- Review the example inputs and replace them with the figures for your scenario.
- Check the assumptions and select Calculate to view the estimate.
- Compare a second scenario or open the breakdown and download the full CSV.
Illustrative example
With the example inputs, net refinance savings at your horizon is $6,353.76. At month 60, savings compare payments, closing costs, and remaining debt. First nonnegative month: 25; later savings can change. Excludes taxes, mortgage insurance, cash-out, and opportunity cost.
These example values are for explanation. They are not current market quotes or personalized recommendations.
Calculation method
Net savings equal current-loan payments plus remaining balance minus new-loan payments, cash closing costs, and new remaining balance at the chosen month.
Assumptions and limitations
Fixed, fully amortizing loans; current payment is reconstructed from balance, rate, and remaining term. No cash-out, points entered separately from total costs, taxes, mortgage insurance, fees beyond entered costs, or investment opportunity cost. A first break-even month does not guarantee savings at every later horizon.
Refinance calculator FAQs
Choose a question to read the answer, then try your own numbers in the free calculator.
Why can a lower payment still cost more?
Extending the term can leave a larger balance later. This calculator counts that balance along with payments and closing costs.
What does a negative savings result mean?
Under your assumptions, refinancing costs more by the selected horizon after accounting for remaining debt.
Can I model cash-out refinancing?
No. This model refinances the existing balance plus optional closing costs; it does not add cash-out proceeds.
Is this calculator free?
Yes. You can calculate and download the breakdown without creating an account.
Are my numbers saved?
The app sends inputs to its calculation API to produce the result, but does not save them in an app database or browser storage.
PFC provides mathematical planning estimates. Tax and retirement rules in these tools are for 2026 and do not update automatically. Check the cited sources and the terms that apply to your situation.