Eric Soloway
Senior Loan Officer
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Refinancing
Compare your current principal-and-interest payment against a lower rate you want to test. Small differences add up, and this shows the size of the gap before anyone talks about a loan.
All calculatorsUse your statement for the loan amount and current rate, then pick any lower rate you want to test.
The size of the monthly gap between two rates, what it adds up to per year, and whether the idea deserves more attention. Because it holds the loan amount and term steady, it isolates the rate itself, so you're comparing apples to apples.
It ignores closing costs, taxes, insurance, mortgage insurance, and how long you'll keep the loan. Comparing a fresh full term against an older loan also flatters the new one, and the full-term figure assumes both loans run to the end, which rarely happens.
Focus on the monthly line. It's the number you'll actually feel, and it's what any closing costs have to earn back. If the gap looks real, run the break-even next, or let me watch the numbers for you each month.
Rather not watch rates yourself?
Sign up once and I'll run this kind of math against your actual loan every month, and reach out only when it deserves attention.
Educational calculator disclaimer
Educational estimate only. This tool uses the numbers you enter, including any rates you estimate, which are not rates offered by Bay Capital Mortgage Corporation. Nothing here is a quote, an offer, an interest rate, an APR, a pre-approval, or a commitment to make a loan. Your actual numbers depend on full underwriting and credit approval.
Figures are principal and interest only. Taxes, insurance, and any mortgage insurance are not included. Refinancing replaces your current loan with a new rate and term and may increase the total interest paid over the life of the loan.