Loan Comparison Tool

A 15-year mortgage typically has a lower interest rate and saves significantly in total interest — often $100,000+ on a $300,000 loan — but the monthly payment is roughly 40–50% higher. A 30-year mortgage has lower monthly payments, freeing cash for other goals. Use this tool to see the exact numbers for your loan amount and rates.

Enter your current loan details as Loan A (remaining balance, current rate, remaining term). Enter the refinance offer as Loan B (same balance, new rate, new term). The comparison will show the monthly savings and total cost difference. Remember to add refinancing closing costs (typically 2–5% of the loan) to Loan B's total cost manually to find your true break-even point.

The break-even point is when your monthly savings from a lower rate equal your refinancing closing costs. Divide the closing costs by the monthly payment savings to find the break-even in months. If you plan to keep the home longer than that, refinancing likely makes sense. This tool shows the monthly difference — divide your estimated closing costs by that number.