Inputs
Extra payment is applied monthly to principal. “Pay the Same” means: refinance at the new rate, but pay your original monthly P&I (plus any extra payment).
Results
Current monthly P&I payment
$—
Interest remaining (to term): —
Best option lifetime net savings (to term)
$—
—
Enter inputs and calculate
| Scenario | Monthly payment | Monthly savings | Break-even | Net cashflow over your horizon | Interest (to term) | Lifetime net savings (to term) | Payoff with extra | Interest saved (extra) |
|---|---|---|---|---|---|---|---|---|
| Current (baseline) | — | — | — | — | — | — | — | — |
| Refi A: Reset term | — | — | — | — | — | — | — | — |
| Pay the Same: Refi at new rate, pay original P&I | — | — | — | — | — | — | — | — |
“Pay the Same” pays the refinance loan off faster because the payment is higher than the required refinance payment.
“Interest saved (extra)” compares interest with extra-payment vs without extra-payment for that same scenario.