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| This calculator allows you to 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 an existing loan first put your original loan amount and rate in the first two fields 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 we 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. | ||
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