Your Current Loan
New Loan Rates to Compare
| Scenario | Payment/mo | Total Interest | Net Savings |
|---|---|---|---|
| Enter loan details above to compare scenarios | |||
All calculations run in your browser. Net savings = total interest saved minus closing costs.
Compare your current mortgage to 15, 20, and 30-year refinance scenarios side by side — total interest, monthly payment, and net savings all in one table.
| Scenario | Payment/mo | Total Interest | Net Savings |
|---|---|---|---|
| Enter loan details above to compare scenarios | |||
All calculations run in your browser. Net savings = total interest saved minus closing costs.
The total interest column in this calculator reveals something that monthly payment comparisons miss entirely: the real lifetime cost of each decision. A 30-year refinance that lowers your payment by $300/month might still cost you $60,000 more in total interest than a 20-year option — because you're paying for 10 extra years.
Many homeowners default to comparing 15 and 30-year options, but the 20-year refinance frequently offers the best balance. Rates are typically 0.25–0.375% lower than the 30-year, the total interest is dramatically reduced, and the monthly payment increase over the 30-year option is far more manageable than the jump to a 15-year term. Run the comparison in this calculator and check the 20-year row — it's often the winner when you weigh both cash flow and total savings.
Consider a homeowner with $280,000 remaining at 7.5% with 24 years left. Their current payment is about $2,040/month. Comparing new scenarios: a 30-year at 7.0% gives $1,864/month and $390,900 in total interest. A 20-year at 6.75% gives $2,140/month but only $233,500 in total interest — saving over $157,000. A 15-year at 6.5% gives $2,441/month but only $159,300 in total interest. The 20-year delivers $150,000+ in savings while only raising the payment $100/month.
Whichever scenario looks best in the comparison table, confirm the closing cost break-even before committing. Use our dedicated refinance break-even calculator to ensure you'll stay in the home long enough for the savings to materialize. For a full breakdown of each scenario's payment and amortization, the mortgage refinance calculator provides additional detail.