5 year refinance calculator insights for smarter loan decisions

What this tool helps you figure out

A 5 year refinance calculator estimates your new payment, total interest, and potential break-even timeline when you swap an existing mortgage for a shorter term. It can highlight how a lower rate and compressed amortization affect cash flow and long-run costs.

Key inputs you should gather

Before running numbers, collect the current balance, remaining term, rate, and your credit score range. Add expected closing costs, discount points, and whether you plan to make extra principal payments.

• New interest rate and 60-month term
• Estimated closing costs and lender credits
• Prepayment penalty, if any
• Target monthly budget and savings goals

How to read the results

Focus on the break-even point: divide total costs by the monthly savings to see how many months it takes to recoup fees. If you’ll stay beyond that, the math may pencil out. Compare the total interest over five years versus keeping your current loan.

Pro tips

Run scenarios with slightly higher rates, round up payments, and test shorter payoff targets to see how resilient your plan is in changing markets.