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The homeowner's worksheet

Run the numbers.

Estimate a mortgage payment. Then see how long a lower payment could take to recover refinancing costs.

Illustrative estimates, not loan offers. Your entries stay in your browser.

01 / Monthly payment

What could the payment be?

For a fixed-rate loan with equal monthly principal-and-interest payments.

Enter your loan assumptions
Add taxes, insurance & HOA fees

Optional. Blank or zero amounts are excluded from the estimate; mortgage insurance is not calculated automatically.

Estimated monthly total

$1,896.20

30-year fixed-rate example at 6.5% annual interest, plus the expenses entered. An estimate, not a loan offer.

Principal & interest
$1,896.20
Property tax
$0.00
Homeowners insurance
$0.00
Mortgage insurance
$0.00
HOA fees
$0.00
Over the scheduled loan term
Monthly payments
360
Total principal & interest
$682,633.47
Total interest
$382,633.47

Excludes fees, taxes, insurance and extra principal payments. Assumes the stated rate for the full term.

Illustrative example. Change the entries to calculate your estimate.

02 / Refinance break-even

When could costs be recovered?

A simple comparison of monthly principal-and-interest payments and cash-paid refinancing costs.

Compare your existing and proposed payments

Payment-based break-even

20 months

About 1.7 years of the estimated payment difference to recover cash-paid costs.

Proposed monthly P&I
$1,896.20
Lower monthly P&I
$303.80

A longer term can lower the payment while increasing total interest. This is a cash-flow payback estimate, not a calculation of overall savings.

Illustrative example. Compare actual written loan terms.

Before making a decision

Read the assumptions.

How the payment is calculated

For a positive rate, monthly principal and interest equals the loan amount × the monthly rate ÷ [1 − (1 + monthly rate)−number of payments]. The monthly rate is the annual interest rate, expressed as a percentage, divided by 1,200. At 0% interest, divide the balance by the number of payments.

What break-even leaves out

Cash-paid refinancing costs ÷ a positive monthly P&I reduction, rounded up to the next full month. It does not compare remaining balances, total interest on the old loan, tax effects, opportunity costs, future insurance changes or the value of cash-out proceeds. Use comparable loan amounts and review the full borrowing period.

Check the actual offer

Taxes and insurance can change. Adjustable rates, balloon loans, interest-only periods and irregular payments are outside this tool. Lender rounding can produce small differences. Start with a current CFPB Loan Estimate explainer and the CFPB monthly-payment worksheet. The Federal Reserve's historical refinancing guide explains the basic payback concept.

Educational estimates only. These tools do not evaluate eligibility or recommend a loan.

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