Compare the current loan with a new fixed-rate mortgage using both cash flow and remaining balance. This model assumes no cash out.
Illustrative inputs, not current rate offers. Change every estimate to fit your scenario. This calculator does not request contact information or submit your entries.
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A new 30-year loan can reduce the payment partly by stretching repayment over more years. The calculator therefore compares payments made, cash-paid costs and the balance you would still owe at the same future date. Financed costs raise the new loan amount and the interest charged.
The simple payback answers how many months of the initial payment reduction would recover the net closing costs. The horizon comparison adds the remaining balances. Neither includes every household cost or the return you could earn on cash used at closing.
Bring your mortgage statement, remaining term, estimated property value, current mortgage insurance and a complete new quote. Include any second mortgage or HELOC. Use our rate-and-term guide and annual mortgage review checklist for the broader discussion.
This tool assumes the only new borrowing is financed closing costs. Cash-out financing, debt payoff, second liens and changing mortgage insurance need a separate comparison. Review cash-out refinancing with a loan professional.
Look for lender credits, a higher rate, costs financed into the balance, and charges outside the estimate. Enter the actual net costs and financing method; do not omit costs simply because they are not paid in cash.
For independent guidance, see the CFPB guide to comparing loan offers.
Bring your scenario or Loan Estimates to Michael Shotnik at Milestone Home Mortgage. We can compare eligible options, explain the tradeoffs, and help you decide what deserves a closer look.
Prepared for Milestone Home Mortgage • October 13, 2026. Michael Shotnik NMLS 218281 | Milestone Home Mortgage LLC NMLS 2588937 | Equal Housing Opportunity. Educational estimates only, not a rate quote, approval or commitment to lend. Actual terms, costs and eligibility vary.
Michael and Melissa are always a pleasure to work with. They are extremely responsive, professional and work hard to get the best loan for us. I would recommend Colorado Mortgage to anyone. Thank you for another great experience!
Milestone Home Mortgage LLC NMLS #2588937. Michael Shotnik NMLS: 218281, CO License: 100017466. Not licensed in Alaska or New York. To check license status of mortgage loan originator, visit D.O.R.A. and NMLS consumer access.
