Financial decision guide and interactive simulator

Refinance and bond switch calculator

Will a lower rate recover its switching costs soon enough?

What this calculation is designed to show

A refinance should be judged by break-even time and total interest, not only the new monthly payment. Extending the loan term may create immediate relief while keeping the borrower in debt longer.

How to test the decision

Compare the new offer using the current remaining term, then test the lender's proposed longer term. Include legal, valuation, initiation and settlement costs, whether paid upfront or added to the loan.

Using the result responsibly

Change one important assumption at a time and compare a cautious case with the expected case. The interactive calculator below updates from the values you enter. Its output is an educational estimate, not financial, tax, legal or investment advice.

Read the calculation methodology or learn about The Finance Check.