About this tool
Refinance / Loan Comparison Calculator is a free, in-browser tool that compares your current loan against a replacement with a new rate and term, accounting for closing costs. It works for mortgage, auto or student refinancing — any fixed-rate loan.
Both monthly payments are computed with the standard amortization formula on the same remaining balance. The break-even month is closing costs divided by the monthly saving — how long you must keep the new loan before the fees pay for themselves. The lifetime figure compares total remaining payments on the old loan against total payments on the new loan plus closing costs.
Use it whenever rates move: a lower payment is not automatically a win if a longer term or high fees eat the savings, and the lifetime tile makes that visible instantly. Everything runs locally in your browser.
Frequently asked questions
What does the break-even month mean?
It is closing costs divided by the monthly payment saving, rounded up. If you plan to sell or repay before that month, refinancing costs more than it saves. When the new payment is not lower, no break-even exists and a dash is shown.
Why can lifetime savings be negative even with a lower payment?
Stretching the balance over a new, longer term means paying interest for more months. The lifetime tile totals every payment on both paths plus closing costs — a negative value means the refinance costs more over its full life.
What should I enter as the remaining term?
The years left on your current loan, not its original term. The tool amortizes the current balance over that remaining term to reconstruct your present payment.
Is any of this sent to a server?
No. Balances, rates and costs are processed entirely in your browser; the tool works offline and uploads nothing.
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