How It Works
Both loans amortize with fixed monthly rates and may have different remaining terms. New financed costs increase principal.
Simple break-even=closing costs/monthly payment savings. It ignores discounting and does not replace the total-cost comparison.
Reference Sources
FAQs
How does this calculator work?
Both loans amortize with fixed monthly rates and may have different remaining terms. New financed costs increase principal.
What assumptions should I check?
Simple break-even=closing costs/monthly payment savings. It ignores discounting and does not replace the total-cost comparison.