Should you refinance? Let’s find out.
Put in your current mortgage and the new rate you’re looking at. We’ll find your real savings, your break-even point, and how much sooner you could be mortgage free.
Mike Fox, Mortgage Agent, Level 2 — BRX Mortgage FSRA #13463
Your Refinance Snapshot
Prepared by Mike Fox, Mortgage Agent, Level 2 — BRX Mortgage
Current mortgage
What you owe today.
Loan to value: 80.0%
We work this out for you. Edit it if your real payment is different.
New mortgage
The rate and terms you are comparing to.
The comparison window. A 5 year term looks at the next 5 years.
New balance: $480,000 · Loan to value: 80.0%
Prepayment penalty
The cost to break your current mortgage.
Best when your lender gave you an exact figure.
Estimate only. For exact penalty figures, ask the client for their original mortgage commitment letter so we can use the actual posted rate at funding. Lender-specific rounding and amortization adjustments may move the final number by a few hundred dollars.
Refinancing costs
What it costs to make the switch.
Current debts
Add high-interest debts to find what folding them in does.
No debts added.
When you break even
The month your savings pay back the cost.
The line is your running savings after costs. Once it crosses $0, the refinance has paid for itself.
Monthly savings schedule
Your position month by month.
| Month | Saving | Running total | After costs |
|---|---|---|---|
| 1 | $259 | $259 | -$7,991 |
| 2 | $259 | $519 | -$7,731 |
| 3 | $259 | $778 | -$7,472 |
| 4 | $259 | $1,038 | -$7,212 |
| 5 | $259 | $1,297 | -$6,953 |
| 6 | $259 | $1,557 | -$6,693 |
| 7 | $259 | $1,816 | -$6,434 |
| 8 | $259 | $2,076 | -$6,174 |
| 9 | $259 | $2,335 | -$5,915 |
| 10 | $259 | $2,595 | -$5,655 |
| 11 | $259 | $2,854 | -$5,396 |
| 12 | $259 | $3,114 | -$5,136 |
| 13 | $259 | $3,373 | -$4,877 |
| 14 | $259 | $3,633 | -$4,617 |
| 15 | $259 | $3,892 | -$4,358 |
| 16 | $259 | $4,152 | -$4,098 |
| 17 | $259 | $4,411 | -$3,839 |
| 18 | $259 | $4,671 | -$3,579 |
| 19 | $259 | $4,930 | -$3,320 |
| 20 | $259 | $5,190 | -$3,060 |
| 21 | $259 | $5,449 | -$2,801 |
| 22 | $259 | $5,709 | -$2,541 |
| 23 | $259 | $5,968 | -$2,282 |
| 24 | $259 | $6,228 | -$2,022 |
| 25 | $259 | $6,487 | -$1,763 |
| 26 | $259 | $6,747 | -$1,503 |
| 27 | $259 | $7,006 | -$1,244 |
| 28 | $259 | $7,266 | -$984 |
| 29 | $259 | $7,525 | -$725 |
| 30 | $259 | $7,785 | -$465 |
| 31 | $259 | $8,044 | -$206 |
| 32break even | $259 | $8,304 | +$54 |
| 33 | $259 | $8,563 | +$313 |
| 34 | $259 | $8,822 | +$572 |
| 35 | $259 | $9,082 | +$832 |
| 36 | $259 | $9,341 | +$1,091 |
| 37 | $259 | $9,601 | +$1,351 |
| 38 | $259 | $9,860 | +$1,610 |
| 39 | $259 | $10,120 | +$1,870 |
| 40 | $259 | $10,379 | +$2,129 |
| 41 | $259 | $10,639 | +$2,389 |
| 42 | $259 | $10,898 | +$2,648 |
| 43 | $259 | $11,158 | +$2,908 |
| 44 | $259 | $11,417 | +$3,167 |
| 45 | $259 | $11,677 | +$3,427 |
| 46 | $259 | $11,936 | +$3,686 |
| 47 | $259 | $12,196 | +$3,946 |
| 48 | $259 | $12,455 | +$4,205 |
| 49 | $259 | $12,715 | +$4,465 |
| 50 | $259 | $12,974 | +$4,724 |
| 51 | $259 | $13,234 | +$4,984 |
| 52 | $259 | $13,493 | +$5,243 |
| 53 | $259 | $13,753 | +$5,503 |
| 54 | $259 | $14,012 | +$5,762 |
| 55 | $259 | $14,272 | +$6,022 |
| 56 | $259 | $14,531 | +$6,281 |
| 57 | $259 | $14,791 | +$6,541 |
| 58 | $259 | $15,050 | +$6,800 |
| 59 | $259 | $15,310 | +$7,060 |
| 60 | $259 | $15,569 | +$7,319 |
Disclaimer: This calculator is for illustrative purposes only and should not be relied upon for financial planning. Actual penalties depend on lender-specific calculations and rate changes daily. The estimate does not include reinvestment fees, discharge fees, assignment fees, or other administrative costs. The simplified IRD method does not factor in amortization or present value, which means estimated figures may differ from the lender’s final payout statement.