Old loan vs. new loan: monthly savings, when the closing costs pay for themselves, and what each path costs in total.
Typically 2–5% of the loan amount: origination, appraisal, title, recording.
Cost = payments made so far + what it would take to pay off the balance that day (plus closing costs on the refi path). The crossing point is the true break-even.
| Current loan | Refinance | |
|---|---|---|
| Monthly payment | ||
| Months left | ||
| Remaining interest | ||
| Closing costs | — | |
| Total remaining cost |