Example Data Table
| Scenario |
Balance |
Current Rate |
New Rate |
New Term |
Fees |
Extra Payment |
| Conservative refinance |
$250,000 |
6.75% |
5.95% |
240 months |
$6,950 |
$100 |
| Lower payment focus |
$250,000 |
6.75% |
6.10% |
360 months |
$5,200 |
$0 |
| Fast payoff focus |
$250,000 |
6.75% |
5.80% |
180 months |
$7,500 |
$250 |
Formula Used
The core payment formula is:
M = P × r ÷ (1 - (1 + r)-n)
Here, M is the monthly payment, P is principal, r is monthly interest rate, and n is the number of months.
Upfront cost = flat closing costs + origination cost + discount points + state fee estimate + payoff penalty - lender credit.
Net savings = current total cost - new total cost. The new total cost includes payments, monthly fees, and any upfront cash due at closing.
Break even months = cash due at close ÷ monthly payment reduction before extra payments.
How To Use This Calculator
- Enter your current payoff balance, interest rate, and remaining term.
- Enter the new loan rate, new term, and expected extra payment.
- Add lender fees, points, credits, state fee input, and payoff penalties.
- Choose whether upfront costs are financed into the new principal.
- Press the calculate button and review results above the form.
- Use the chart, CSV export, and PDF export for records.
Georgia Own Loan Savings Guide
A saver loan decision should start with clear numbers. This calculator compares your current loan with a new loan plan. It focuses on monthly payment, total interest, fees, payoff time, and net savings. It also lets you test extra payments. That makes the result useful for refinance planning, debt restructuring, and household budgeting.
Why Compare Two Loan Paths?
A lower rate is helpful, but it is not the only factor. Closing costs can reduce savings. Points can lower the rate, yet they add upfront cost. A longer term may cut the payment, but it can raise total interest. A shorter term may increase the payment, but it can reduce long term cost. This tool places those tradeoffs on one screen.
What The Calculator Measures
The calculator uses the current balance as the payoff amount. It estimates the current scheduled payment from the remaining term and current rate. It then builds a new loan from the new rate, new term, and optional fees. You can enter flat closing costs, origination cost, discount points, lender credits, and a state fee per five hundred dollars. You can also choose whether to finance the upfront cost.
How Extra Payments Change Savings
Extra payments reduce principal faster. They can shorten the payoff period and lower interest. The monthly cash flow may look higher because the extra amount is paid each month. Still, the total cost can fall sharply. Use the chart to see how the balance drops over time.
Reading The Results
Net savings compares the current total cost with the new total cost. Interest savings compares interest only. Break even shows how long upfront cash costs may take to recover through monthly payment savings. A negative savings number means the new loan may cost more under the entered assumptions.
Practical Use In Georgia
Georgia borrowers can use this page for planning before talking with a lender. The state fee field is adjustable. That helps when rules, loan types, or lender estimates differ. Always compare the calculator result with an official loan estimate. Use conservative inputs. Small changes in rate, term, and fees can change the final borrowing choice quickly.
FAQs
1. What does this loan saver calculator compare?
It compares your current loan with a new loan option. It checks payment, interest, fees, payoff months, cash flow, and net savings.
2. Can I use it for refinancing?
Yes. Enter your payoff balance as the loan amount. Then enter the proposed rate, term, closing costs, points, and credits.
3. What is the state fee per $500 field?
It is an adjustable fee input for Georgia-style cost planning. Check your official loan estimate and update the value before relying on results.
4. Should I finance upfront costs?
Financing costs may reduce cash needed at closing. It also increases principal and can raise interest. Compare both choices before deciding.
5. Why can net savings be negative?
Negative savings means the new loan costs more under your inputs. This can happen with high fees, longer terms, or small rate reductions.
6. How does an extra payment affect the result?
An extra payment lowers principal faster. It can reduce total interest and shorten payoff time, but it increases monthly cash outflow.
7. Is the result a lender quote?
No. It is an estimate for planning. Always confirm rates, fees, taxes, credits, escrow items, and legal terms with your lender.
8. What export options are included?
You can download a CSV file with inputs, summary metrics, and amortization rows. You can also create a PDF summary from the page.