Complete Guide to Auto Loans in 2026
Rates, terms, refinancing and how to get the best deal.
Read guide →Mortgage Refinance Calculator
Monthly savings, lifetime savings and break-even.
🔁 Mortgage Refinance Calculator
New monthly payment (P&I)
Save /month
Higher than current by /month
Break-even point
Lifetime savings vs current
Total new cost (incl. closing)
Savings assume you keep the new loan for its full term. Stretching the term lowers the monthly payment but can erase lifetime savings — compare carefully.
How to Use
- Enter your current balance, monthly P&I and years remaining.
- Enter the new rate, new term and closing costs quoted to you.
- Review your monthly savings, break-even point and lifetime savings.
Calculation Method
The new loan is amortized at its rate and term to produce a new monthly P&I. Break-even = closing costs ÷ monthly savings. Lifetime savings = (current monthly × months remaining) − (new monthly × new months + closing costs). A longer new term can lower the payment but eliminate lifetime savings.
Examples
$300k balance, 7.25% → 6.00%, $5k closing
Roughly $260/mo savings; break-even ≈ 19 months; lifetime savings around $60k+ if you keep the loan for its full term.
Frequently Asked Questions
A common rule of thumb is when the new rate is at least 0.75–1.0 percentage points lower than your current rate and you plan to stay in the home past the break-even point.
There is always a cost — the lender either rolls it into the balance or charges a slightly higher rate. Compare the true total cost, not just out-of-pocket fees.
Only if cash flow relief is the goal. Stretching from a 22-year remainder back to a 30-year often costs more in total interest, even at a lower rate.
Hard inquiries and opening a new account cause a small short-term dip, but on-time payments restore the score within months.
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Read guide →Disclaimer
Calculations are estimates based on the information you provide. Actual loan terms, rates, and payments vary by lender, credit score, and other factors. SmartLoanCalcs is not a lender and this is not a loan offer. We are not responsible for decisions made based on these calculations — consider consulting a licensed lender or financial advisor.
Last updated: May 24, 2026