Refinancing is ahead
$12,829Estimated advantage after comparing payments, remaining mortgage balance and refinance closing costs.
FINANCIAL CALCULATOR
Refinance Calculator
Compare a new mortgage offer with your current loan using payment savings, closing costs, remaining balance and a break-even timeline.
Refinance costs
Closing costs$8,500
New starting balance$340,000
Monthly payment change−$331
Break-even2 yr 7 mo
At year 7
Current-loan balance$299,647
Refinance balance$306,114
Current-loan payments$203,645
Refinance payments$175,849
LONG-RUN CHECK
Lower payment does not always mean lower lifetime cost.
Restarting a longer term can reduce the monthly bill while keeping debt outstanding longer.
Interest + refinance cost differencePay $5,742
Planning estimate only. This model compares principal-and-interest cash flows, remaining balances and the closing-cost assumption entered above. Taxes, insurance, escrow changes, points, prepayment penalties, cash-out proceeds and tax effects are not modeled separately.
METHOD
Do not judge a refinance by the payment alone.
CalcStreet compares the payment stream and remaining mortgage balance under both loans, then subtracts refinance costs. That keeps a fresh 30-year term from looking automatically better just because its monthly payment is lower.
Net benefit = payment advantage + balance advantage − refinance costsBreak-even is the first month that modeled net benefit reaches zero or better.