Refinance Savings Calculator
See exactly how much you could save by switching lenders. Compare your current rate against a new one.
Loan Details
$$550,000
$$50,000$$3,000,000
6.75%
1.00%12.00%
5.99%
1.00%12.00%
25 yrs
1 yrs30 yrs
$$2,000
$$0$$10,000
Monthly Saving
+$260
per month
Current monthly$3,800
New monthly$3,540
Monthly saving$260
Annual saving$3,117
Lifetime saving (gross)$77,915
Refinancing costs$2,000
Net lifetime saving$75,915
Break-even8 months
✅ Refinancing looks worthwhile. Break-even in 8 months.
⚠️ Estimates only. Actual savings depend on lender fees, rate type and your credit profile.
📞 Get Real Savings QuoteCalculator FAQs
How much does refinancing cost?
Typically $700–$1,200 all-in (discharge, government and application fees) — often more than covered by lender cashbacks of $2,000–$4,000.
How do I know if refinancing is worth it?
Divide your switching costs by your monthly saving to get break-even months. Under 12 months to break even and you'll hold the loan longer? Refinancing is usually rational.
Will my current lender match a lower rate?
Often, yes — a written reprice request citing competitor rates frequently succeeds. We run this retention play for clients before recommending any switch.