Refinance Payment and Cost Comparison
Compare monthly P&I, remaining interest, nominal repayment costs and a chosen holding horizon, with cash-paid or financed fees.
What This Calculator Does
Compare two fixed-rate monthly repayment schedules using your current mortgage principal. Choose whether net refinance fees are paid from your funds or financed. The tool separates pure future interest from nominal P&I-plus-fee totals and compares cash flows and remaining principal at a chosen horizon. It does not calculate loan approval, settlement payoffs or economic profit.
Who Is This For
Florida homeowners and real estate professionals comparing rate-and-term refinance scenarios. Use nominal note rates, exact amortization terms and confirmed or estimated nonrefundable fees. This principal-based model is not for cash-out, variable-rate loans, balloon payments or a different quoted payoff balance.
How It Works
Enter current principal and both nominal rates. Give the remaining and new terms as whole years plus 0–11 months. Enter net fees explicitly and choose cash or financing. Enter the planned holding period and confirm the scope. Compare P&I, future interest, full nominal outflows, attainable cash-fee recovery and horizon results. Each loan stops payments at its own payoff.
Frequently Asked Questions
Does a lower monthly payment mean refinancing costs less?
No. Extending the term can lower P&I while increasing future interest and total nominal repayments. Compare the pure interest difference, P&I-plus-fee totals and your chosen horizon. None of these figures alone is a profit recommendation.
How do cash-paid and financed fees differ?
Cash fees are paid once at closing and do not increase modeled principal. Financed fees are added to current principal and paid through the new loan, including interest; they are not added again as cash costs. Cash-fee recovery is not applicable in financed mode. Fees are not free because they are financed.
Is the principal input the same as a payoff quote?
No. Enter current principal. A settlement payoff quote can include accrued interest and charges this model does not calculate. New principal is current principal plus selected financed fees only. Do not replace the input with an unrelated new-loan amount or assume the modeled amount equals a final closing statement.
What happens when the loans have different payoff dates?
The holding horizon is retained, but payments stop separately at each loan's payoff. An initial monthly reduction must not be multiplied across months after one loan has ended. Horizon cash difference and remaining principal are shown separately; the payoff-adjusted difference is nominal and excludes actual future payoff charges and time value.
What does the simple cash-fee recovery period establish?
In cash mode, the cash fee divided by a positive initial P&I reduction gives whole months of recovery, but only if reached no later than the first payoff. It is not economic break-even or permanent savings. Lower initial payments can coexist with higher remaining debt and worse full-schedule costs. Financed fees do not have this cash-fee recovery measure.
Which costs and assumptions should I verify?
Enter net nonrefundable refinance fees after usable credits; blank is unknown, not zero. Exclude refundable escrow and prepaid housing expenses. PMI, taxes, insurance and HOA are not included. Confirm note rates, exact terms, actual payments and the final payoff with the lender. Credits can change pricing; update quotes and rerun. Do not infer a needed credit from rounded losses.