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Refinance Amortization Calculator
See the full lifetime impact of refinancing: monthly payment change, total interest saved (or added), and how much you've extended the loan term.
Current loan
New refinance loan
Lifetime interest saved
$12,460
net of new financed costs
New monthly payment
$1,748
vs current $1,960
Monthly savings
$213
Term extension
3 years
loan extended
How to read it
Refinancing usually adds years to the loan unless you intentionally pick a shorter new term. The lifetime interest saved figure already nets out the closing costs and any term extension. Break-even: 31 months to recover $6,500.
To save more interest, refinance into a shorter term (15- or 20-year) instead of resetting to 30. The payment will be higher but you'll save dramatically on lifetime interest.
How to Use
- Enter your current balance, current rate, and years remaining.
- Enter the new rate, new term, and closing costs being financed.
- Compare the new payment to the current one and the lifetime interest impact.
- Watch the term extension number — restarting a 30-year mortgage often extends total loan life.
Frequently Asked Questions
Why does my refinance increase total interest sometimes?
If you reset the term (e.g., 27 years remaining → new 30-year), you stretch out the principal payback over more time. Even at a lower rate, the longer schedule can produce more total interest.
How can I refinance without extending the term?
Choose a new term equal to your remaining years (or shorter). Many lenders offer custom terms — 17, 18, or 22 years instead of standard 15/20/30.
Should I roll closing costs into the new loan?
Common practice. The trade-off: zero cash needed at refi closing, but you pay interest on the closing costs over the loan life. If you have cash, paying out of pocket is cheaper long-term.
How does this differ from refinance break-even?
Break-even tells you how many months until monthly savings recoup closing costs. This calculator looks at full lifetime cost — including the term extension that break-even doesn't capture.
Related Calculators
Refinance Calculator
Standard refinance calculator.
Refinance Break-Even Calculator
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Compare refinance to a lump-sum recast.
Mortgage Recast Calculator
Lump-sum payoff and re-amortization.
Mortgage Calculator
Run base mortgage payment math.
Amortization Calculator
See month-by-month principal/interest split.
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