Calculate potential savings from refinancing your mortgage. Our free refinance calculator helps you compare your current loan with a new loan option, showing monthly payment differences, lifetime savings, total interest comparisons, and break-even analysis.
Enter your current loan details including original amount, term, interest rate, start date, and current balance. Then input your new loan terms, interest rate, any cash-out amount, and estimated closing costs. The calculator will show you monthly savings, lifetime savings, and when you'll break even on refinancing costs.
Refinancing typically makes sense when you can lower your interest rate by at least 0.5-1%, want to change your loan term, need to access home equity, or want to switch loan types. Consider your break-even point and how long you plan to stay in your home.
Typical refinance closing costs include application fees, origination fees, appraisal fees, title search and insurance, attorney fees, and recording fees. These usually total 2-6% of the loan amount. You can choose to pay these upfront or roll them into your new loan balance.
See if refinancing your mortgage could save you money
Amount
KES 182,996
Current loan balance plus cash-out.
The amount of additional money you want to take out.
Estimated closing costs.