Will I save money if I refinance?

How long will it take to recoup the cost?

The calculator below is meant to help you determine whether it is cost effective for you to refinance your existing loan. The left side of the calculator is designed to compare your existing loan with a new loan. The right side of the calculator will calculate the total costs of the loan and return how many months it will cost you to recoup the costs of the new loan.

Do not enter the ($) sign. (*) indicates a required field. The fields inside the blue shaded area will automatically total for you as you enter your information so there is no need to enter any figures in these fields.

If the new loan above has a higher interest rate and/or shorter term, the computed totals may return a negative figure in the "Difference in payment" box. This would make the "Months to recoup costs" at the right also return a negative figure. If your new loan won't save you money, there is no way to recoup the costs of the loan.