Detailed Results
| Old monthly payment | $598.66 |
|---|---|
| New monthly payment (base) | $487.08 |
| New monthly payment (with extra) | $487.08 |
| Monthly change without extra | +$111.58 |
| Monthly change with extra | +$111.58 |
| Remaining months on old path | 48 |
| Months to pay off new loan | 60 |
| Time saved | -12 months |
| Total interest remaining (old) | $3,735.49 |
| Total interest (new) | $3,724.78 |
| Fees and points | $500.00 (financed) |
| Prepayment penalty | $0.00 |
| Total lifetime savings | -$489.28 |
| Break-even month (vs upfront costs) | 0 |
Notes: Monthly change without extra compares old payment to the new base payment. Break-even uses upfront costs only (fees paid at closing plus any prepayment penalty) divided by the monthly savings without extra.
Amortization Schedules
Download full schedules as CSV for deeper analysis.
Old Loan — first 12 months
| M | Pay | Int | Prin | Bal |
|---|---|---|---|---|
| 1 | $598.66 | $145.83 | $452.82 | $24,547.18 |
| 2 | $598.66 | $143.19 | $455.46 | $24,091.71 |
| 3 | $598.66 | $140.53 | $458.12 | $23,633.59 |
| 4 | $598.66 | $137.86 | $460.79 | $23,172.80 |
| 5 | $598.66 | $135.17 | $463.48 | $22,709.32 |
| 6 | $598.66 | $132.47 | $466.19 | $22,243.13 |
| 7 | $598.66 | $129.75 | $468.90 | $21,774.23 |
| 8 | $598.66 | $127.02 | $471.64 | $21,302.59 |
| 9 | $598.66 | $124.27 | $474.39 | $20,828.20 |
| 10 | $598.66 | $121.50 | $477.16 | $20,351.04 |
| 11 | $598.66 | $118.71 | $479.94 | $19,871.10 |
| 12 | $598.66 | $115.91 | $482.74 | $19,388.36 |
New Loan — first 12 months
| M | Pay | Int | Prin | Bal |
|---|---|---|---|---|
| 1 | $487.08 | $116.88 | $370.20 | $25,129.80 |
| 2 | $487.08 | $115.18 | $371.90 | $24,757.89 |
| 3 | $487.08 | $113.47 | $373.61 | $24,384.29 |
| 4 | $487.08 | $111.76 | $375.32 | $24,008.97 |
| 5 | $487.08 | $110.04 | $377.04 | $23,631.93 |
| 6 | $487.08 | $108.31 | $378.77 | $23,253.16 |
| 7 | $487.08 | $106.58 | $380.50 | $22,872.66 |
| 8 | $487.08 | $104.83 | $382.25 | $22,490.42 |
| 9 | $487.08 | $103.08 | $384.00 | $22,106.42 |
| 10 | $487.08 | $101.32 | $385.76 | $21,720.66 |
| 11 | $487.08 | $99.55 | $387.53 | $21,333.13 |
| 12 | $487.08 | $97.78 | $389.30 | $20,943.83 |
Refinance Summary
Old payment
$598.66
New payment
$487.08 (+$0.00 extra)
Upfront costs
$0.00
Total savings
-$489.28
Fees and points are always counted as costs whether financed or paid at closing. Total savings compare remaining interest on the old loan versus interest on the new loan plus all fees and any prepayment penalty.
Assumptions
- Standard fully amortizing loans with monthly compounding and no balloon payment.
- Discount points are calculated as a percent of the current balance.
- Extra payment is applied to principal on the new loan only.
- Taxes, insurance, and late fees are excluded.