Extra Payment vs Refinance Calculator

Use this Extra Payments vs Refinance Calculator to compare interest savings, payoff time, and total cost for both strategies.

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Extra Payments vs. Refinance
Which saves you more? Compare keeping your current loan and making extra payments versus refinancing to a new rate and term.
Loan Strategies
Current Mortgage
$
%
$
Strategy A: Make Extra Payments
$
Added to your current payment every month.
Strategy B: Refinance
%
years
$
Upfront fees paid to switch loans.
Side-by-Side Comparison
The Winner
Best Strategy: —
Total Savings vs. Loser—
Lifetime Cost Breakdown
Total Cost (Extra Pmt)—
Total Cost (Refinance)—
Time to Payoff (Extra)—
Time to Payoff (Refi)—
Total Cost includes principal, total interest paid, and closing costs.
Visuals
Payoff Timeline
Interest vs. Principal
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