Tools
Refinance savings
checker
This checker answers one question: if you refinanced the remaining balance of your mortgage at a different rate, how much could the monthly payment change, and what does that add up to over the life of the loan? It uses standard amortization math on the numbers you enter and nothing else. The result is an estimate to frame the conversation, not a quote: your real payment depends on the lender, closing costs, points, and your credit.
Your inputs
$50k$3M
Your assumption to test. 30-year fixed rates in the Pasadena area have been running roughly 6.7-7.2% per this site's market update, and rates change daily.
yrs
Estimated savings
Principal & interest only, before closing costs
Current monthly payment $0
New monthly payment (P & I) $0
Total savings over the remaining term $0
Total interest saved
- Standard amortization. Payment equals balance times monthly rate, divided by 1 minus (1 + monthly rate) raised to negative months. Fixed-rate math, no gimmicks.
- Same remaining term. The new payment assumes you refinance the remaining balance at the new rate over the same number of years left on the loan, with no cash-out and no points.
- Closing costs excluded. Refinancing usually costs 2-5% of the loan in fees. To estimate your payback period, divide the closing costs by the monthly savings.
- Honest limits. This is an educational estimate, not a quote or a loan offer. Extending your term (for example, resetting to a new 30-year loan) lowers the payment but usually adds total interest, a different trade-off worth running with Alejandro.