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Mortgage Refinance Calculator

Original Loan
Remain Balance:
Monthly Payment:
Rate:
%
Cash in/out
Cash Out:
Cash In:
Extra Cost:
New Loan
Term:
Years
Rate:
%
Points:
Points

Calculated Results

Orig LoanNew LoanDifference
Loan Amount 200,000.00 202,000.00 2,000.00
Months 360 360 0
APR 5.000% 4.836% -0.164%
Monthly Pay 1,073.64 1,053.73 -19.91
Total Interest 186,513.10 177,341.94 -9,171.16
Total Payment 386,513.10 379,341.94 -7,171.16
Break Even Month60

Total Payment by pay off month compare

Year Orig Remain Balance New Remain Balance Orig Total Interest Payment New Total Interest Payment Interest Saved After Cost
1197,049.31198,882.999,932.999,527.72 -1,594.73
Month1199,759.69201,745.86833.33799.58 -1,966.25
Month2199,518.39201,490.711,665.671,598.16 -1,932.50
Month3199,276.07201,234.552,496.992,395.73 -1,898.74
Month4199,032.75200,977.373,327.313,192.28 -1,864.97
Month5198,788.41200,719.184,156.613,987.82 -1,831.20
Month6198,543.06200,459.964,984.904,782.33 -1,797.43
Month7198,296.68200,199.725,812.165,575.82 -1,763.66
Month8198,049.28199,938.456,638.406,368.27 -1,729.88
Month9197,800.84199,676.157,463.607,159.70 -1,696.10
Month10197,551.37199,412.818,287.777,950.08 -1,662.31
Month11197,300.86199,148.429,110.908,739.43 -1,628.52
Month12197,049.31198,882.999,932.999,527.72 -1,594.73
2193,947.66195,614.6519,715.0218,904.12 -1,189.10
Month13196,796.71198,616.5110,754.0310,314.97 -1,560.94
Month14196,543.05198,348.9711,574.0111,101.16 -1,527.14
Month15196,288.34198,080.3712,392.9411,886.29 -1,493.34
Month16196,032.57197,810.7113,210.8112,670.36 -1,459.54
Month17195,775.73197,539.9914,027.6113,453.36 -1,425.74
Month18195,517.83197,268.1914,843.3514,235.29 -1,391.94
Month19195,258.84196,995.3115,658.0015,016.14 -1,358.14
Month20194,998.78196,721.3616,471.5815,795.91 -1,324.33
Month21194,737.64196,446.3217,284.0816,574.60 -1,290.52
Month22194,475.40196,170.1918,095.4817,352.20 -1,256.72
Month23194,212.08195,892.9718,905.8018,128.71 -1,222.91
Month24193,947.66195,614.6519,715.0218,904.12 -1,189.10
3190,687.32192,187.6529,338.3628,121.84 -783.49
Month25193,682.13195,335.2420,523.1319,678.43 -1,155.29
Month26193,415.50195,054.7121,330.1420,451.63 -1,121.49
Month27193,147.76194,773.0722,136.0421,223.72 -1,087.68
Month28192,878.90194,490.3222,940.8221,994.70 -1,053.88
Month29192,608.92194,206.4523,744.4822,764.55 -1,020.07
Month30192,337.82193,921.4624,547.0223,533.29 -986.27
Month31192,065.59193,635.3425,348.4324,300.89 -952.47
Month32191,792.22193,348.0826,148.7025,067.37 -918.67
Month33191,517.71193,059.6926,947.8325,832.70 -884.87
Month34191,242.06192,770.1627,745.8226,596.90 -851.07
Month35190,965.27192,479.4828,542.6727,359.95 -817.28
Month36190,687.32192,187.6529,338.3628,121.84 -783.49
4187,260.17188,594.2738,794.8937,173.20 -378.31
Month37190,408.21191,894.6630,132.8928,882.59 -749.70
Month38190,127.93191,600.5230,926.2529,642.17 -715.92
Month39189,846.49191,305.2131,718.4530,400.59 -682.14
Month40189,563.88191,008.7332,509.4831,157.84 -648.36
Month41189,280.09190,711.0833,299.3331,913.91 -614.58
Month42188,995.12190,412.2534,088.0032,668.81 -580.82
Month43188,708.96190,112.2434,875.4833,422.53 -547.05
Month44188,421.60189,811.0435,661.7634,175.05 -513.29
Month45188,133.05189,508.6536,446.8534,926.39 -479.54
Month46187,843.30189,205.0637,230.7435,676.53 -445.79
Month47187,552.34188,900.2738,013.4236,425.47 -412.04
Month48187,260.17188,594.2738,794.8937,173.20 -378.31
5183,657.68184,826.4448,076.0846,050.10 25.99
Month49186,966.78188,287.0639,575.1437,919.71 -344.57
Month50186,672.17187,978.6440,354.1738,665.02 -310.85
Month51186,376.33187,668.9941,131.9739,409.10 -277.13
Month52186,079.26187,358.1241,908.5440,151.96 -243.42
Month53185,780.95187,046.0242,683.8740,893.58 -209.71
Month54185,481.39186,732.6843,457.9541,633.97 -176.02
Month55185,180.59186,418.1044,230.7942,373.12 -142.33
Month56184,878.54186,102.2845,002.3843,111.03 -108.65
Month57184,575.23185,785.2145,772.7143,847.68 -74.98
Month58184,270.65185,466.8846,541.7744,583.08 -41.31
Month59183,964.80185,147.2947,309.5645,317.22 -7.66
Month60183,657.68184,826.4448,076.0846,050.10 25.99
6179,870.89180,875.6957,172.9754,744.08 428.89
Month61183,349.29184,504.3248,841.3346,781.70 59.62
Month62183,039.60184,180.9249,605.2847,512.03 93.25
Month63182,728.63183,856.2450,367.9548,241.08 126.87
Month64182,416.35183,530.2851,129.3148,968.84 160.47
Month65182,102.78183,203.0251,889.3849,695.32 194.06
Month66181,787.90182,874.4752,648.1450,420.50 227.65
Month67181,471.71182,544.6253,405.5951,144.38 261.22
Month68181,154.21182,213.4754,161.7351,866.95 294.78
Month69180,835.38181,881.0054,916.5452,588.21 328.33
Month70180,515.22181,547.2255,670.0253,308.16 361.86
Month71180,193.72181,212.1256,422.1654,026.78 395.38
Month72179,870.89180,875.6957,172.9754,744.08 428.89
7175,890.36176,733.1466,076.1263,246.26 829.86
Month73179,546.71180,537.9357,922.4355,460.04 462.39
Month74179,221.18180,198.8358,670.5456,174.67 495.87
Month75178,894.30179,858.3959,417.3056,887.96 529.34
Month76178,566.05179,516.6060,162.6957,599.90 562.79
Month77178,236.44179,173.4660,906.7258,310.49 596.23
Month78177,905.45178,828.9661,649.3759,019.71 629.65
Month79177,573.08178,483.1062,390.6459,727.58 663.06
Month80177,239.33178,135.8763,130.5360,434.07 696.45
Month81176,904.19177,787.2663,869.0361,139.20 729.83
Month82176,567.65177,437.2764,606.1361,842.94 763.19
Month83176,229.71177,085.9065,341.8362,545.29 796.53
Month84175,890.36176,733.1466,076.1263,246.26 829.86
8171,706.17172,389.4774,775.6171,547.33 1,228.28
Month85175,549.59176,378.9866,808.9963,945.83 863.17
Month86175,207.41176,023.4267,540.4564,643.99 896.46
Month87174,863.80175,666.4568,270.4865,340.75 929.73
Month88174,518.76175,308.0768,999.0866,036.10 962.98
Month89174,172.28174,948.2769,726.2466,730.03 996.21
Month90173,824.36174,587.0470,451.9667,422.53 1,029.43
Month91173,474.99174,224.3971,176.2368,113.60 1,062.62
Month92173,124.16173,860.3071,899.0468,803.24 1,095.80
Month93172,771.87173,494.7772,620.3969,491.44 1,128.95
Month94172,418.11173,127.7973,340.2770,178.19 1,162.08
Month95172,062.88172,759.3674,058.6870,863.49 1,195.19
Month96171,706.17172,389.4774,775.6171,547.33 1,228.28
9167,307.91167,834.9483,261.0379,637.52 1,623.51
Month97171,347.97172,018.1275,491.0572,229.70 1,261.35
Month98170,988.28171,645.3076,205.0072,910.61 1,294.40
Month99170,627.09171,271.0076,917.4573,590.04 1,327.42
Month100170,264.40170,895.2277,628.4074,267.98 1,360.42
Month101169,900.19170,517.9578,337.8374,944.44 1,393.39
Month102169,534.47170,139.1979,045.7575,619.41 1,426.34
Month103169,167.23169,758.9379,752.1576,292.88 1,459.27
Month104168,798.45169,377.1780,457.0176,964.84 1,492.17
Month105168,428.14168,993.8981,160.3477,635.29 1,525.04
Month106168,056.28168,609.1081,862.1278,304.23 1,557.89
Month107167,682.87168,222.7882,562.3578,971.64 1,590.72
Month108167,307.91167,834.9483,261.0379,637.52 1,623.51
10162,684.63163,059.2891,521.4387,506.60 2,014.83
Month109166,931.39167,445.5583,958.1580,301.87 1,656.28
Month110166,553.30167,054.6384,653.7080,964.67 1,689.03
Month111166,173.63166,662.1685,347.6781,625.93 1,721.74
Month112165,792.38166,268.1486,040.0682,285.63 1,754.43
Month113165,409.54165,872.5686,730.8682,943.78 1,787.08
Month114165,025.11165,475.4187,420.0783,600.36 1,819.71
Month115164,639.07165,076.6988,107.6784,255.36 1,852.31
Month116164,251.43164,676.3988,793.6784,908.79 1,884.88
Month117163,862.17164,274.5089,478.0585,560.64 1,917.41
Month118163,471.29163,871.0390,160.8186,210.89 1,949.92
Month119163,078.78163,465.9690,841.9486,859.55 1,982.39
Month120162,684.63163,059.2891,521.4387,506.60 2,014.83
11157,824.82158,051.7899,545.3095,143.83 2,401.47
Month121162,288.85162,651.0092,199.2988,152.04 2,047.24
Month122161,891.41162,241.1092,875.4988,795.87 2,079.62
Month123161,492.32161,829.5893,550.0489,438.07 2,111.96
Month124161,091.56161,416.4294,222.9290,078.65 2,144.27
Month125160,689.14161,001.6494,894.1490,717.59 2,176.55
Month126160,285.03160,585.2195,563.6791,354.89 2,208.79
Month127159,879.25160,167.1396,231.5391,990.54 2,240.99
Month128159,471.77159,747.4096,897.6992,624.53 2,273.16
Month129159,062.60159,326.0097,562.1693,256.86 2,305.29
Month130158,651.72158,902.9498,224.9293,887.53 2,337.39
Month131158,239.13158,478.2098,885.9794,516.52 2,369.45
Month132157,824.82158,051.7899,545.3095,143.83 2,401.47
12152,716.36152,801.18107,320.52102,537.96 2,782.57
Month133157,408.78157,623.68100,202.9095,769.45 2,433.45
Month134156,991.01157,193.88100,858.7796,393.38 2,465.39
Month135156,571.50156,762.38101,512.9097,015.60 2,497.30
Month136156,150.24156,329.17102,165.2897,636.12 2,529.16
Month137155,727.23155,894.24102,815.9198,254.93 2,560.98
Month138155,302.45155,457.59103,464.7798,872.01 2,592.76
Month139154,875.90155,019.22104,111.8699,487.36 2,624.50
Month140154,447.58154,579.11104,757.18100,100.98 2,656.20
Month141154,017.47154,137.26105,400.71100,712.85 2,687.86
Month142153,585.57153,693.66106,042.45101,322.98 2,719.47
Month143153,151.87153,248.30106,682.39101,931.35 2,751.04
Month144152,716.36152,801.18107,320.52102,537.96 2,782.57
13147,346.55147,295.67114,834.39109,677.18 3,157.21
Month145152,279.04152,352.29107,956.84103,142.80 2,814.05
Month146151,839.90151,901.62108,591.34103,745.86 2,845.48
Month147151,398.92151,449.17109,224.00104,347.13 2,876.87
Month148150,956.11150,994.93109,854.83104,946.62 2,908.21
Month149150,511.46150,538.89110,483.82105,544.31 2,939.51
Month150150,064.95150,081.05111,110.95106,140.19 2,970.76
Month151149,616.58149,621.39111,736.22106,734.26 3,001.96
Month152149,166.34149,159.92112,359.62107,326.51 3,033.11
Month153148,714.23148,696.61112,981.15107,916.94 3,064.21
Month154148,260.23148,231.48113,600.79108,505.53 3,095.26
Month155147,804.34147,764.50114,218.54109,092.28 3,126.26
Month156147,346.55147,295.67114,834.39109,677.18 3,157.21
14141,702.01141,522.88122,073.53116,549.12 3,524.41
Month157146,886.86146,824.99115,448.34110,260.23 3,188.11
Month158146,425.25146,352.44116,060.37110,841.41 3,218.96
Month159145,961.71145,878.03116,670.47111,420.72 3,249.75
Month160145,496.24145,401.73117,278.64111,998.15 3,280.49
Month161145,028.84144,923.56117,884.88112,573.70 3,311.18
Month162144,559.49144,443.48118,489.17113,147.36 3,341.81
Month163144,088.18143,961.51119,091.50113,719.11 3,372.38
Month164143,614.90143,477.63119,691.86114,288.96 3,402.90
Month165143,139.66142,991.84120,290.26114,856.89 3,433.37
Month166142,662.43142,504.12120,886.67115,422.90 3,463.77
Month167142,183.22142,014.47121,481.10115,986.98 3,494.12
Month168141,702.01141,522.88122,073.53116,549.12 3,524.41
15135,768.68135,469.84129,023.88123,140.81 3,883.08
Month169141,218.80141,029.35122,663.96117,109.32 3,554.64
Month170140,733.57140,533.86123,252.37117,667.56 3,584.81
Month171140,246.32140,036.41123,838.76118,223.84 3,614.92
Month172139,757.04139,537.00124,423.12118,778.15 3,644.97
Month173139,265.72139,035.60125,005.44119,330.48 3,674.96
Month174138,772.35138,532.23125,585.71119,880.83 3,704.88
Month175138,276.93138,026.86126,163.93120,429.19 3,734.74
Month176137,779.44137,519.48126,740.08120,975.54 3,764.54
Month177137,279.89137,010.10127,314.17121,519.89 3,794.27
Month178136,778.25136,498.71127,886.17122,062.22 3,823.94
Month179136,274.51135,985.29128,456.07122,602.53 3,853.54
Month180135,768.68135,469.84129,023.88123,140.81 3,883.08
16129,531.80129,122.93135,670.68129,438.63 4,232.05
Month181135,260.75134,952.34129,589.59123,677.04 3,912.55
Month182134,750.69134,432.80130,153.17124,211.23 3,941.95
Month183134,238.52133,911.20130,714.64124,743.36 3,971.28
Month184133,724.20133,387.54131,273.96125,273.42 4,000.54
Month185133,207.75132,861.81131,831.15125,801.42 4,029.73
Month186132,689.14132,333.99132,386.18126,327.33 4,058.85
Month187132,168.37131,804.08132,939.05126,851.15 4,087.90
Month188131,645.43131,272.08133,489.75127,372.87 4,116.88
Month189131,120.31130,737.97134,038.27127,892.49 4,145.78
Month190130,593.01130,201.75134,584.61128,410.00 4,174.61
Month191130,063.51129,663.40135,128.75128,925.38 4,203.37
Month192129,531.80129,122.93135,670.68129,438.63 4,232.05
17122,975.82122,467.89141,998.38135,428.32 4,570.06
Month193128,997.87128,580.31136,210.39129,949.74 4,260.65
Month194128,461.73128,035.55136,747.89130,458.70 4,289.18
Month195127,923.34127,488.63137,283.14130,965.51 4,317.63
Month196127,382.72126,939.54137,816.16131,470.15 4,346.00
Month197126,839.84126,388.28138,346.92131,972.62 4,374.29
Month198126,294.70125,834.84138,875.42132,472.91 4,402.51
Month199125,747.28125,279.21139,401.64132,971.01 4,430.64
Month200125,197.59124,721.38139,925.59133,466.90 4,458.69
Month201124,645.61124,161.34140,447.25133,960.59 4,486.66
Month202124,091.33123,599.09140,966.61134,452.06 4,514.54
Month203123,534.73123,034.60141,483.65134,941.31 4,542.34
Month204122,975.82122,467.89141,998.38135,428.32 4,570.06
18116,084.43115,489.76147,990.67141,094.93 4,895.74
Month205122,414.58121,898.93142,510.78135,913.09 4,597.69
Month206121,851.00121,327.72143,020.84136,395.61 4,625.23
Month207121,285.07120,754.25143,528.55136,875.86 4,652.69
Month208120,716.79120,178.50144,033.91137,353.85 4,680.06
Month209120,146.13119,600.48144,536.89137,829.56 4,707.34
Month210119,573.10119,020.17145,037.50138,302.97 4,734.53
Month211118,997.68118,437.57145,535.72138,774.10 4,761.63
Month212118,419.87117,852.66146,031.55139,242.91 4,788.64
Month213117,839.64117,265.43146,524.96139,709.41 4,815.55
Month214117,257.00116,675.88147,015.96140,173.59 4,842.38
Month215116,671.93116,083.99147,504.53140,635.43 4,869.10
Month216116,084.43115,489.76147,990.67141,094.93 4,895.74
19108,840.46108,172.86153,630.38146,422.76 5,207.62
Month217115,494.47114,893.18148,474.35141,552.08 4,922.28
Month218114,902.06114,294.24148,955.58142,006.86 4,948.72
Month219114,307.18113,692.93149,434.34142,459.28 4,975.06
Month220113,709.82113,089.23149,910.62142,909.31 5,001.31
Month221113,109.97112,483.15150,384.41143,356.95 5,027.45
Month222112,507.62111,874.67150,855.70143,802.20 5,053.50
Month223111,902.76111,263.78151,324.48144,245.04 5,079.44
Month224111,295.38110,650.47151,790.74144,685.46 5,105.29
Month225110,685.47110,034.73152,254.47145,123.45 5,131.02
Month226110,073.02109,416.56152,715.66145,559.00 5,156.66
Month227109,458.02108,795.94153,174.30145,992.11 5,182.19
Month228108,840.46108,172.86153,630.38146,422.76 5,207.62
20101,225.87100,500.74158,899.47151,395.37 5,504.10
Month229108,220.32107,547.32154,083.88146,850.94 5,232.93
Month230107,597.60106,919.30154,534.80147,276.65 5,258.14
Month231106,972.28106,288.79154,983.12147,699.87 5,283.24
Month232106,344.36105,655.79155,428.84148,120.60 5,308.23
Month233105,713.82105,020.29155,871.94148,538.82 5,333.12
Month234105,080.65104,382.26156,312.41148,954.53 5,357.88
Month235104,444.85103,741.72156,750.25149,367.71 5,382.54
Month236103,806.40103,098.63157,185.44149,778.35 5,407.08
Month237103,165.28102,453.00157,617.96150,186.45 5,431.51
Month238102,521.50101,804.82158,047.82150,591.99 5,455.82
Month239101,875.03101,154.07158,474.99150,994.97 5,480.02
Month240101,225.87100,500.74158,899.47151,395.37 5,504.10
2193,221.7192,456.16163,778.99155,995.52 5,783.47
Month241100,574.0099,844.83159,321.24151,793.19 5,528.06
Month24299,919.4299,186.32159,740.30152,188.41 5,551.89
Month24399,262.1198,525.21160,156.63152,581.02 5,575.61
Month24498,602.0797,861.48160,570.23152,971.02 5,599.21
Month24597,939.2797,195.12160,981.07153,358.38 5,622.68
Month24697,273.7196,526.12161,389.15153,743.11 5,646.03
Month24796,605.3795,854.47161,794.45154,125.20 5,669.26
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Should you refinance your mortgage or not?

When the marketing interest rate is going down, it is a good time to refinance your mortgage. However, if the refinance has a fee, it is not so obvious for you to figure it out if you should pay the fee and refinance your mortgage to bring the interest rate down. The answer to the question of if you should refinance or not when there is a fee invovled depends on how long you will keep the mortgage. That is because you will need some period of time to bring the total of interest payment saved to an amount that can offset the front fee paid for the refinance. We call that period of time as the break point. In other words, if you will keep the mortgage longer than the break point, refinance will save you money. Otherwise, you will not save money.

Should you pay the points to bring interest rate down in your refinance?

Mortgage Points are fees paid to lender in exchange for a lower interest rate. One point costs 1% of the total loan amount. In general, if you plan to hold the mortgage for long time, it is worth to pay the points. Again, there is a break point existed for paying points. If you will stay on the mortgage longer than the break point, you should buy the points. Otherwise, you should not. Normally, if you expect the interest rate will go down in the near future and that you will refinance again at that time, or if you plan to sell you house in the near future, then you should not buy points.

How to calculate the break even month for points paid?

To figure out if you should pay points to bring the loan interest rate down or not, you should set up the original loan the same as the new loan except the reduced interest rate due to the points paid. After that, the calculator will find the break even month. If you plan to keep the mortgage longer than the break even month, then you should consider to pay the points. Otherwise, don't buy the points. Most of the online refinace calculator use the difference of the monthly payment divides the cost for points to find the break even months. That calculation missed two important facts:
  • The time value of money: the cost paid at the beginning is in different time of the monthly payment difference. The net present value of the monthly payment difference is not the same as the initial cost paid.
  • The remaining balance on the loan: at the break even point calculated in this way, the remaining loan balance for the two cases is different. Ignore that difference makes the calculation incorrect.
The right way to to calculate the break even point is to calculate the total payment as if you will pay off the loan at each month for the two cases. The first month that the total payment from the new loan is less than the total payment from the original loan is the break even month.

Example

The monthly savings from paying one discount point on a $200,000 mortgage with a base interest rate of 5% and a 30-year term is 30.35. The break even months in most online mortgage calculator is 2000 / 30.35 that is 66 months. That only means after 66 months, the total money you paid are equal in two cases. However, if you take a look at the detail payment schedule table you can see at the time of 66 month, the remaining balance of your original mortgage loan is different to the new loan. If you use our calculator that compare with the total payment, you can see the break even month is 56 month instead. That means if you keep the new loan more than 56 months instead of 66 months, you will save money by refinancing.