Refinance savings calculator
Compare your current loan with a new rate and term. See monthly savings, your break-even month and the lifetime difference.
Monthly savings
$0
Calculating
- Current payment (P&I)
- $0
- New payment (P&I)
- $0
- Break-even
- -
- Interest left, current loan
- $0
- Interest on new loan + costs
- $0
- Lifetime difference
- $0
Principal and interest only. Estimates for illustration; not a commitment to lend.
Reading your refinance results
Every number above is an estimate. A loan officer can replace assumptions with your actual taxes, insurance quotes and pricing.
Talk to a loan officerMonthly savings
The difference between your current principal and interest payment and the new one. Taxes and insurance usually stay the same.
Break-even month
Closing costs divided by monthly savings. If you plan to stay in the home past this point, the refinance likely pays off.
Lifetime interest
Compares the interest left on your current loan with the interest on the new loan plus closing costs. A lower payment can still cost more over time if you extend the term.
Choosing a term
Matching your remaining years, or going shorter, protects long-term savings. Our loan officers often suggest a 20 or 25-year term for borrowers several years into a 30-year loan.
Common questions
On larger Greater Boston balances it often is. Run your numbers above: if break-even comes within two to three years and you plan to stay, it is worth a closer look.
Usually yes, if you have enough equity. That raises the balance slightly but means no cash out of pocket.
Set closing costs to $0 and add about 0.25% to the new rate for a rough comparison.
Turn estimates into real numbers
Get a pre-approval with your actual rate, taxes and cash to close. Soft credit check, and a local loan officer follows up the same day.
- Soft credit check
- 24-day average close
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