Refinance Savings Calculator
Compare your current loan with a proposed refinance. Enter your current balance and P&I payment, remaining term, proposed rate and term, and closing costs to see the payment change and the change in remaining interest and costs.
By Sunrise Lending
What break-even means
Compare your refinance costs
How to think about a refinance
A rate-and-term refinance replaces your existing loan with a new one at a different rate, term, or both. A lower payment can result from a lower rate, a different term, or both. The comparison needs your remaining current term and closing costs so it can show the payment change alongside the change in total remaining interest and costs.
When all required inputs support an overall lower cost, the calculator also shows a break-even estimate. If the total remaining interest and closing costs rise, a lower payment alone is not presented as savings.
Resetting the term matters too. Refinancing a loan you have paid down for eight years into a fresh 30-year term lowers the payment but can increase total interest over the life of the loan. Matching the new term to your remaining term, or choosing a shorter one, keeps the lifetime cost in check. A licensed officer can model both paths.
Common questions
How is the break-even point calculated?
After you enter your current balance, current P&I payment, remaining term, proposed rate and term, and closing costs, the calculator compares the payment change with the change in remaining interest and closing costs. It shows a break-even only when those inputs support an overall lower cost.
Does this include taxes and insurance?
No. The calculator compares principal & interest (P&I) only, because that is what changes with the rate and term. Taxes, insurance, and any mortgage insurance are excluded. Enter your current P&I, not your full PITI payment.
Why does my new payment sometimes go up?
Shortening the term — say from 30 years to 15 — usually raises the monthly payment even when the rate drops, because you are paying the balance off faster. That can still be a smart move: you pay far less total interest. The calculator flags when the new payment exceeds the current one.
What closing costs should I enter?
Include lender fees, title and escrow charges, appraisal, recording, and any points you pay to buy down the rate. Some borrowers roll these into the loan balance instead of paying cash — that raises the balance and changes the math, so model it with a licensed officer.
Is a faster break-even always better?
A shorter break-even can reduce the risk that you sell or refinance again before recovering costs. The total comparison also depends on the remaining term of your current loan, the proposed term, and the closing costs you enter. Review both the payment change and the total remaining interest and costs.
See your real refinance numbers with a Sunrise officer
The calculator compares the inputs you provide. A licensed officer confirms the rate, term, closing costs, and complete scenario before anything formal moves.
Related resources
Refinance estimates are for educational purposes only and compare principal & interest only after you enter the current balance and P&I payment, remaining term, proposed rate and term, and closing costs. They exclude taxes, insurance, mortgage insurance, and escrow changes. Actual rate, term, and closing costs are determined by the lender after full underwriting. Not a commitment to lend.
Sunrise Lending · Equal Housing Opportunity. Matching rules are written and reviewed by licensed mortgage professionals. All loan decisions are made by licensed mortgage professionals. Not a commitment to lend. Loan approval subject to underwriting guidelines. This is not financial advice.