Loan Comparison / Refinancing Calculator


This calculator allows you to do some interesting comparison of loans. You can compare loans with different balances, rates and payments and see how much interest you save as the loan progresses. This is good for comparing loans for a refinance to see how long it will take to recoup closing costs.

For each loan I also have payment buttons that will calculate the standard 30 and 15 year payments for any loan. For an existing loan first put your original loan amount and rate in the first two fiedlds for loan #1, and then hit which term you specified in your original loan. You can then go back and change the balance to your current balance or any amount you want.

To compare the two loans I also highlight which column makes you the most money, either refinancing and compounding your monthly savings (ATCCS), or not refinancing and taking the closing costs and investing those (CCC). The point when ATCCS surpasses CCC is the point at which the refinancing starts saving you real money. Note that in some cases there is a period where refinancing saves money for a while, but then after a while later, it costs more!
Annual Investment Return:
Federal Tax rate:
State Tax rate:
Loan #1 Loan #2
Balance Rate Payment
Balance Rate Payment
Closing Costs

DISCLAIMER: This information is for illustrative purposes only. Numbers may be off by $0.01 per month due to differing methods of rounding so the results are not exact. Also note that the schedule generated here applies only to a loan where all payments are made in full in a timely manner. It does not include any late fees or additional accrued interest due to late payments.



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