Mortgage Loan Refinance Analysis

You can use this calculator to calculate how long it takes to recover the closing costs incurred when refinancing a mortgage, as well as the estimated savings from refinancing (including the difference in total interest to be paid on the new loan compared to the interest remaining to be paid on the existing loan).

To open this calculator, click Calculators in the toolbar, and then click Mortgage > Mortgage Loan Refinance Analysis in the left panel.

You can export the data as a PDF file or clear all data that you entered. For more information, see Financial calculators.


How much interest can you save by refinancing a home loan?

Field Input
Year 2019
Month September

Current loan field Input
Year loan originated 2004
Month loan originated February
Original loan amount $250,000
Term of loan 30 years
Interest rate 6.50%
Federal and state tax rate 35%
Is interest deductible?               Yes

New loan field Input
Are closing costs added to loan?   No
Term of loan 15
Interest rate 4.125%
Other closing costs $4,000

In this example, the net savings from refinancing is $19,569.00. In addition, the difference in the monthly payment is reduced $254.00 and the Number of months to recover closing costs is 16.

Internal notes


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