Compare one fixed-payment debt with a new amortizing loan, including a separately paid upfront fee and the change in repayment term.
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0 – 1000000000000
0 – 1000
0 – 1000000000000
0 – 1000
1 – 1200
0 – 1000000000000
Estimated financing-cost savings
3,243.1963 currency units
Compares one balance with constant rates, no new borrowing and a fee paid in cash. A lower payment can extend repayment. It does not model multiple accounts, changing rates, credit effects or lender approval.
Project current debt using its fixed monthly payment and rate.
Calculate the new level payment; subtract its total interest plus upfront fee from current interest.
Savings = current projected interest − new projected interest − upfront fee. The new payment uses the level-payment amortization formula.
Refinancing a 1,200 zero-interest balance into another 12-month zero-interest loan with a 50 fee costs 50 more, even though both monthly payments are 100.
No. A longer term can reduce the monthly payment while increasing interest. Compare total financing cost and payoff time together.
Last updated . Results are estimates for informational purposes only.