Mortgage switching analysis
Refinance break-even calculator
Compare current and proposed payments, add switching costs and estimate how many months it may take to recover them.
01
Current mortgage
Enter the outstanding balance, rate and remaining amortization.
02
Proposed refinance
Include every switching cost and any confirmed cashback.
Estimated break-even point
37 mo
$291 estimated monthly payment reduction
Current payment$3,693/mo
Proposed payment$3,401/mo
Net switching cost$10,500
Five-year interest change−$25,385
Current balance after 5y$454,055
New balance after 5y$446,154
Payment savings caused by extending amortization are not the same as interest savings. Compare total borrowing cost, privileges, restrictions and lender fees before refinancing.
Read the result carefully
Payment relief can hide a longer repayment path.
- A longer amortization often lowers the payment but can raise total interest and leave a larger future balance.
- Use a lender's written payout statement for the actual penalty and discharge costs.
- A refinance still depends on income, credit, property value, lender policy and legal completion.