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Calculators / Finance / Refinance savings
Refinance savings calculator
Compare remaining cost of an existing loan with a proposed refinance.
On this page
Remaining current payments270,000
Proposed payments plus costs238,000
Estimated cash-flow savings32,000
Calculator controls
How to calculate
Compare remaining cost of an existing loan with a proposed refinance.
Remaining current payments = oldPayment*oldMonths; Proposed payments plus costs = newPayment*newMonths+costs; Estimated cash-flow savings = oldPayment*oldMonths-(newPayment*newMonths+costs)
Worked example
Balance to refinance: 200000; Current monthly payment: 1500; Remaining current payments: 180; Proposed monthly payment: 1300; Proposed payments: 180; Refinance closing costs: 4000.
Remaining current payments: 270,000 ; Proposed payments plus costs: 238,000 ; Estimated cash-flow savings: 32,000 .
Assumptions and limits
This cash-flow comparison requires lender payment figures and excludes timing/opportunity cost, tax effects, prepayment penalties and balance differences.
Results are rounded for display; calculations use unrounded values. Read our calculation methodology.
Understanding the result
Compare remaining cost of an existing loan with a proposed refinance. The displayed figures use the inputs and formula shown on this page.
When this tool is useful
Use the refinance savings to compare a scenario, check an estimate, or verify a manual calculation.
Understanding your inputs
| Input | What to enter |
|---|---|
| Balance to refinance | Enter a number of at least 0.000001 and no more than 1000000000000. |
| Current monthly payment | Enter a number of at least 0.000001 and no more than 1000000000000. |
| Remaining current payments | Enter a number of at least 1 and no more than 1200. |
| Proposed monthly payment | Enter a number of at least 0.000001 and no more than 1000000000000. |
| Proposed payments | Enter a number of at least 1 and no more than 1200. |
| Refinance closing costs | Enter a number of at least 0 and no more than 1000000000000. |
Frequently asked questions
What should I check before using the refinance savings result?
This cash-flow comparison requires lender payment figures and excludes timing/opportunity cost, tax effects, prepayment penalties and balance differences.
Is this refinance savings result exact?
It is exact for the stated mathematical model and entered values. Real-world results can differ when rates, timing, fees, definitions or measurement conditions differ.