What's inside
- Compare: your balance, rate and months left, plus up to three offers (rate, term, closing costs and points, costs paid in cash or added to the loan)
- For each offer: new payment, monthly saving, simple break-even (costs ÷ saving), true break-even (counts how fast each loan pays down), how far ahead or behind you'd be after your stay, interest on each loan, and the lifetime difference
- Schedule: 480 months of payment, interest and balance for all four loans, and how far ahead each offer is every month
- Sample file: $300,000 at 7% with 28 years left. A 6.5% 30-year refinance saves $142.63 a month but costs $3,594 more over the loan; the same rate over 28 years saves $26,851
Checked, not just designed: all 7,235 formulas recalculate with zero errors, and every result and schedule row was checked against an independent month-by-month calculation in 7 scenarios.
Works in Excel (2019 or later / Microsoft 365) and Google Sheets. Not financial advice.
Try the free version first
The free online calculator uses the same model for a quick answer. The spreadsheet adds tracking, history and the full views.