Refinance, pay down or keep
Compare the existing loan with a refinance or a one-time principal payment, including interest, balance and upfront cash.
Illustrative model · Your assumptions stay in this browser tab
Keep: monthly payment
$2,686Refinance: monthly payment
$2,391Refinance net cost difference
-$58,158Payments + upfront cost + remaining balance, versus keeping the loan.Paydown net cost difference
-$73,958Includes the one-time cash paid toward principal.KeepRefinancePay down
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Loan comparison by year
All amounts in US dollars unless shown otherwise.
| Year | Keep balance (USD) | Refinance balance (USD) | Paydown balance (USD) | Keep interest (USD) | Refinance interest (USD) | Paydown interest (USD) |
|---|---|---|---|---|---|---|
| 1 | $374,187 | $372,980 | $331,295 | $26,416 | $21,667 | $23,524 |
| 2 | $367,953 | $365,545 | $321,961 | $25,996 | $21,252 | $22,895 |
| 3 | $361,269 | $357,671 | $311,952 | $25,545 | $20,813 | $22,220 |
| 4 | $354,102 | $349,332 | $301,220 | $25,062 | $20,349 | $21,497 |
| 5 | $346,416 | $340,501 | $289,711 | $24,544 | $19,856 | $20,721 |
| 6 | $338,175 | $331,149 | $277,371 | $23,988 | $19,335 | $19,889 |
| 7 | $329,338 | $321,245 | $264,139 | $23,392 | $18,783 | $18,997 |
| 8 | $319,863 | $310,755 | $249,950 | $22,754 | $18,198 | $18,040 |
| 9 | $309,702 | $299,647 | $234,735 | $22,069 | $17,579 | $17,014 |
| 10 | $298,807 | $287,882 | $218,420 | $21,334 | $16,923 | $15,915 |
How this tool calculates the result
Net cost to horizon = debt payments + upfront cash + remaining loan balance, without discounting future dollars. Refinance costs are paid in cash and not rolled into the loan. Paydown of $40,000 does not recast the scheduled payment. The comparison excludes tax effects, prepayment penalties, escrow changes and returns you might earn on cash not paid into the loan.