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Refinance Amortization Calculator

See the full lifetime impact of refinancing: monthly payment change, total interest saved (or added), and how much you've extended the loan term.

Current loan

$
%

New refinance loan

%
$

Lifetime interest saved

$12,460

net of new financed costs

New monthly payment

$1,748

vs current $1,960

Monthly savings

$213

Term extension

3 years

loan extended

How to read it

Refinancing usually adds years to the loan unless you intentionally pick a shorter new term. The lifetime interest saved figure already nets out the closing costs and any term extension. Break-even: 31 months to recover $6,500.

To save more interest, refinance into a shorter term (15- or 20-year) instead of resetting to 30. The payment will be higher but you'll save dramatically on lifetime interest.

How to Use

  1. Enter your current balance, current rate, and years remaining.
  2. Enter the new rate, new term, and closing costs being financed.
  3. Compare the new payment to the current one and the lifetime interest impact.
  4. Watch the term extension number — restarting a 30-year mortgage often extends total loan life.

Frequently Asked Questions

Why does my refinance increase total interest sometimes?

If you reset the term (e.g., 27 years remaining → new 30-year), you stretch out the principal payback over more time. Even at a lower rate, the longer schedule can produce more total interest.

How can I refinance without extending the term?

Choose a new term equal to your remaining years (or shorter). Many lenders offer custom terms — 17, 18, or 22 years instead of standard 15/20/30.

Should I roll closing costs into the new loan?

Common practice. The trade-off: zero cash needed at refi closing, but you pay interest on the closing costs over the loan life. If you have cash, paying out of pocket is cheaper long-term.

How does this differ from refinance break-even?

Break-even tells you how many months until monthly savings recoup closing costs. This calculator looks at full lifetime cost — including the term extension that break-even doesn't capture.

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