Your Current Loan
Refinance Options
Instructions:
Original Loan Amount: Enter the amount you originally borrowed.
Original Rate (%): Enter the interest rate on that original loan.
Original Term (years): Enter the original amortization length (e.g., 30).
Loan Start Date (required): Pick the date the loan began (we use this to estimate today’s balance and “next month” interest).
New Loan Term (years): Choose the term for the refinance.
Base Closing Costs ($): Pre-filled at $2,700 — edit if needed.
Roll Closing Costs Into Loan: Check if you want costs added to the new principal.
Refi Rate #1 — No Points (%): Enter a rate to compare with your current loan.
Refi Rate #2 — Discounted (%): Optional second rate if you want to evaluate buying the rate down.
Discount Points (%): Optional — enter points as a percentage (e.g., 1.25 for 1.25%). We’ll convert to dollars and include in Refi #2’s costs.
Click “Calculate” to see results.
What you’ll get
Current loan snapshot: estimated balance today, months remaining, current payment, and next-month interest. If the estimated payment is not in line with your current payment check your rate, initial loan amount, and loan start date.
Refi #1 / Refi #2 cards: loan amount (with or without rolled costs), new payment, payment change, first-month interest saved, total closing costs, and break-even in months (when interest saved covers costs).
3 / 5 / 7-year snapshots: interest saved and net after closing at each horizon.
Side-by-side comparison: Current vs each refi, including Monthly interest saved.
Savings chart (optional): month-by-month cumulative interest saved.
Tip: You can compare just one new rate—leave “Refi Rate #2” and “Discount Points” blank.
Assumes a fixed-rate mortgage.
Happy optimizing! 🏠📉💡