Mortgage
Is refinancing worth it, and when does it pay for itself?
Compares the monthly saving against closing costs, and shows what restarting the clock does to lifetime interest.
The part most calculators leave out
Lower payment, higher total cost. This refinance cuts your monthly payment but costs $-41,287 more over the life of the loan, because you are stretching a partly-repaid balance back over a full term. That can still be the right call if cash flow is what you need — but it is a trade, not a free saving.
What this does and does not account for
A lower payment is not automatically a saving. Stretching a partly-repaid loan back over thirty years can cost more in total interest even at a lower rate, which is why lifetime interest is shown alongside the monthly figure.
This is a general illustration, not financial advice, and not an offer of credit. Your own terms depend on your credit, the property and the lender.
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