Showing results for Illinois (IL)
Calculators/Real Estate & Mortgages
Refinance Calculator
Find out if refinancing makes sense — calculate your new payment, monthly savings, and break-even point.
$
$
%
years
$
Refinance Summary
New Monthly Payment$1,769.79
Monthly Savings+$330.21
Break-Even Period17 months
New Monthly Payment
$1,769.79
Monthly Savings
+$330.21
Break-Even
17 months
How to Use This Calculator
1
Enter your current monthly payment
This is your current P&I payment only — not including taxes and insurance. Find it on your mortgage statement.
2
Enter your remaining loan balance
Your current payoff balance from your latest mortgage statement or online account. Not the original loan amount.
3
Enter the new interest rate
The rate your new lender is offering. Even a 0.5% drop can save thousands over time.
4
Enter the new loan term
Refinancing to a 15-year saves interest; refinancing to a 30-year lowers your payment. Choose based on your goal.
5
Enter estimated closing costs
Refinancing costs 2–5% of the loan balance. In Texas, budget $3,000–$8,000. The break-even date tells you when you've recouped these costs.
Real-World Examples
Rate Drop Refi — Dallas
Current Payment
$2,100/mo
Remaining Balance
$280,000
New Rate
6.25%
Closing Costs
$5,500
Result$1,882/mo — saves $218/mo
Break-even in 25 months. If you stay 5+ years, you save over $7,500 net of closing costs.
15-Year Refi — San Antonio
Current Payment
$1,650/mo
Remaining Balance
$210,000
New Rate
5.9%
New Term
15 years
Result$1,760/mo — pays off 10 yrs sooner
Payment goes up $110/mo but saves ~$98,000 in total interest over the life of the loan.
Frequently Asked Questions
Stay in the loop
Get notified when new calculators and features are added. No spam, ever.