Compare your mortgage options.
See three paths side by side: keep your loan, refinance it, or pay extra each month. The comparison uses principal and interest only.
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The plain-English verdict
| Measure | Keep current loan | Refinance | Pay extra |
|---|---|---|---|
| Monthly payment | Closing costs paid separately | ||
| Total interest | |||
| Payoff date | |||
| Change vs. current loan | Baseline | Interest savings |
Explain these results
Monthly payment is the principal and interest amount. Your actual housing payment may also include property taxes, homeowners insurance, mortgage insurance, or association dues.
Total interest is what the lender collects over the remaining life of the loan. Closing costs are shown separately because they are fees, not interest.
Refinance break-even estimates how many months of lower payments it takes to recover the closing costs. If you expect to sell or refinance again before then, the refinance may not pay for itself through monthly savings.
Paying extra raises your monthly outflow but sends more money to principal, so the balance can reach zero sooner. Confirm with your loan servicer that extra payments will be applied to principal and that there is no prepayment penalty.
For informational and educational purposes only. This calculator is not financial, tax, legal, investment, or insurance advice. Results are estimates based on the information you enter and the assumptions shown; actual loan terms and costs will vary. Verify any refinance offer with the lender and review the loan estimate before deciding. Honed Money does not sell financial products or receive compensation for calculator results.