$265
- New payment (P&I)
- $1,798.65
- Current payment (P&I)
- $2,063.44
- Break-even
- Month 23 (1 year 11 months)
- Interest difference
- $21,044
- Lifetime savings after costs
- $15,044
- Interest left on current loan
- $368,559
- Interest on new loan
- $347,515
- New loan amount
- $300,000
- The new loan runs 3 years longer than what's left on your current loan, so part of the lower payment comes from stretching the term. Compare the lifetime totals, not just the payment.
- Current payment assumes your loan is on its original schedule. Taxes, insurance and any mortgage insurance are not included.
Monthly savings: $265 costs recovered in month 23
Show the breakdown
| Line | Current | New |
|---|---|---|
| Loan balance | $300,000 | $300,000 |
| Monthly payment (P&I) | $2,063 | $1,799 |
| Interest still to pay | $368,559 | $347,515 |
| Closing costs paid in cash | $0 | $6,000 |
| Total still to pay | $668,559 | $653,515 |
- Interest on current loan$368,559
- Interest on new loan$347,515
- Closing costs$6,000
Calculator by CalcBloc · rates from official sources, checked 2026-10-17.