Refinance Calculator
Model a rate-and-term refinance using your actual loan history. Enter original amounts, rates, terms, and first payment dates to see your true remaining balance, compare it to proposed new terms, and calculate the exact break-even point on closing costs.
Get Started in 3 Steps
How to Use the Refinance Calculator
Enter Your Current Loan Details
Input your original loan amount, interest rate, loan term, and first payment date. The calculator determines your exact remaining balance today using amortization math.
Enter Your Proposed New Loan
Add the new rate, term, and any closing costs. If you're doing a cash-out refi, enter the additional amount you want to pull out.
Review Savings & Break-Even
See your monthly payment savings, total interest reduction, payoff date comparison, and the exact month your closing costs are fully recovered.
Refinance Calculator
Compare your current loan(s) to proposed new terms side by side
Loan Type
Orig. Amount
Orig. Rate
Term
Elapsed
35 mo
Remaining Bal.
$603,290
Orig. Payment
$3,950/mo
Remaining
27 yr 1 mo
Loan Breakdown
Remaining Balance
603,290$
Wtd. Rate
6.500%
Payoff in
27 yr 1 mo
Cur. Total Pmt
$3,950/mo
Proposed Rate
New Term
Rate Δ
▼1.001%
Current
6.500%
New
5.499%
Est. Monthly Payment
Current
$3,950
@ 6.50%
Proposed
$3,425
@ 5.50% · 30yr
$525
saved / mo
$6,305
saved / yr
$50,875
saved interest
CURRENT PAYOFF
Mar 2053
27 yr 1 mo from now
NEW PAYOFF
Feb 2056
30 yr from now
EST. CLOSING COSTS (optional)
Refinancing at 5.499% saves $525/mo and $50,875 in total interest.
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $8,128 | $32,972 | $595,162 |
| 2 | $8,587 | $32,514 | $586,575 |
| 3 | $9,071 | $32,029 | $577,504 |
| 4 | $9,583 | $31,518 | $567,922 |
| 5 | $10,123 | $30,977 | $557,799 |
| 6 | $10,694 | $30,406 | $547,105 |
| 7 | $11,297 | $29,803 | $535,807 |
| 8 | $11,934 | $29,166 | $523,873 |
| 9 | $12,607 | $28,493 | $511,266 |
| 10 | $13,318 | $27,782 | $497,948 |
| 11 | $14,069 | $27,031 | $483,878 |
| 12 | $14,863 | $26,238 | $469,015 |
| 13 | $15,701 | $25,399 | $453,314 |
| 14 | $16,587 | $24,514 | $436,728 |
| 15 | $17,522 | $23,578 | $419,206 |
| 16 | $18,510 | $22,590 | $400,695 |
| 17 | $19,554 | $21,546 | $381,141 |
| 18 | $20,657 | $20,443 | $360,484 |
| 19 | $21,822 | $19,278 | $338,662 |
| 20 | $23,053 | $18,048 | $315,610 |
| 21 | $24,353 | $16,748 | $291,257 |
| 22 | $25,726 | $15,374 | $265,531 |
| 23 | $27,177 | $13,923 | $238,354 |
| 24 | $28,710 | $12,391 | $209,644 |
| 25 | $30,329 | $10,771 | $179,315 |
| 26 | $32,039 | $9,061 | $147,275 |
| 27 | $33,846 | $7,254 | $113,429 |
| 28 | $35,755 | $5,345 | $77,674 |
| 29 | $37,772 | $3,329 | $39,902 |
| 30 | $39,902 | $1,198 | Paid off |
| Total | $603,290 | $629,723 | paid off |
*Remaining balance is estimated using standard amortization math from your original loan date. Savings projections do not include taxes, insurance, or other fees. Not a commitment to lend. · Lumen Mortgage Corporation NMLS #1498678
When does refinancing make financial sense?
Refinancing makes sense when your break-even point (total closing costs divided by monthly savings) falls before your planned move date. For example, $6,000 in closing costs with $200/month savings = 30-month break-even. If you'll stay longer than 30 months, refinancing saves money.
Best for: Homeowners considering a rate reduction, term change, or cash-out for home improvements or debt consolidation
How It Works
Understanding the Refinance Calculator
This calculator performs a complete break-even analysis by comparing your current loan against a proposed refinance. It computes your remaining balance today using amortization math, then calculates the new payment, monthly savings, and the exact month your closing costs are fully recovered.
Worked example: Your current loan is $380,000 at 7.25%, originated 3 years ago on a 30-year term. Remaining balance: $369,400. New 30-year loan at 6.25% with $8,500 in closing costs. Current payment: $2,593. New payment: $2,275. Monthly savings: $318. Break-even: $8,500 / $318 = 26.7 months (just over 2 years). Total interest saved over the remaining term: $52,400.
The calculator also models cash-out scenarios — enter additional funds you want to pull from equity and see how the larger balance affects your savings and break-even. Pair with the Blended Rate Calculator if you're considering a HELOC instead.
Ready to apply?
Numbers look right? Explore our Refinance Loans page for eligibility details, rates, and next steps.
About This Calculator
What the Refinance Calculator is For
The difference between a Blended Rate comparison and a true refinance analysis is the loan history. This calculator does the work: enter your original loan amount, original interest rate, loan term, and first payment date, and it calculates exactly how much you still owe today using standard amortization math. Then stack it against proposed new terms — defaulting to 5.499% on a 30-year fixed — to see your monthly savings, total interest reduction, payoff date comparison, and how many months it takes to recover closing costs. Add multiple loans to consolidate them all into a single proposed refinance.
Common Use Cases
- Calculating your true remaining balance from original loan docs
- Comparing current payoff date vs. new payoff date side by side
- Finding the closing-cost break-even month before deciding to refinance
Ready to turn numbers into a loan?
Common Questions
Refinance Calculator — Frequently Asked Questions
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From the Blog
Further Reading
RefinancingWhen Does It Make Sense to Refinance Your Mortgage?
Refinancing can save you thousands — or cost you thousands. Here's a straightforward framework for deciding whether a refi makes sense for your situation right now.
Self-EmployedHow IRA Loans Helped Two Oregon Borrowers Qualify When Tax Returns Couldn't
An IRA loan uses your retirement balance — divided by 36 months — as qualifying income. No distributions required, no age restrictions. Here are two real Oregon scenarios where this program closed the gap: a newly retired Tigard couple buying without triggering taxable distributions, and a recently self-employed Oregon City borrower qualifying without two years of returns.
Self-EmployedHow Two Self-Employed Business Owners Got a Bank Statement Refinance on Their Rural Oregon Property — After Another Lender Said No
Two self-employed Oregon borrowers with three businesses, a private note coming due, and tax returns that didn't tell the whole story. Here's how Lumen Mortgage closed their rural bank statement refinance in under 30 days — after another lender couldn't get it done.
All calculator results are estimates for informational purposes only and do not constitute a loan commitment or guarantee of any specific rate or terms. Actual loan terms will depend on creditworthiness, property type, and market conditions. Lumen Mortgage Corporation · NMLS #1498678 · Licensed in Oregon & California · 920 SW 6th Ave, Suite 1200, Portland, OR 97204.