NUMBERS & JUDGMENT / FREE EXCEL TOOL
A lower payment is not the whole answer.
A Loan & Refinancing Comparison that puts fees, interest, remaining debt, and payoff timing beside the monthly payment.
6 workbook tabs · Up to 480 monthly periods · Common-horizon comparison · Zero-rate support
Free Excel download. No sign-in or email signup required. Open the Start Here tab before editing the inputs.
The decision
At the date that matters to us, does refinancing reduce the total financing burden after fees and remaining principal? Compare the current loan with a fixed-rate refinance, including the choice to pay eligible fees upfront or finance them and an optional common extra monthly payment.
Inside the workbook
Inputs feed a monthly Schedule, summary Model, and Dashboard. The workbook shows payment reduction, total interest, lifetime financing cost, payoff months, the first economic break-even month, and balances at the selected comparison horizon. Start Here and Methods explain the equal-horizon convention.
The worked example: compare payment and principal together
The fictional example reduces the required monthly payment by approximately $187. After including upfront fees and remaining balances, the refinance has a $9,107 advantage at month 60 and first reaches economic break-even in month 24. These illustrative rates are not current offers.
Use it in three steps
- Enter the current outstanding principal, fixed rate, and remaining months—not the original loan term.
- Enter the proposed rate, term, fees, any current-loan prepayment penalty, and fee-financing choice.
- Set a realistic comparison horizon. Review cumulative payments plus remaining principal and upfront costs, not payment savings alone.
Important boundaries
This is a nominal fixed-rate, fully amortizing monthly comparison. It excludes income-tax effects, escrow, property taxes, insurance, variable-rate resets, and the opportunity cost of cash. It is not an APR or lender-disclosure calculator. Check lender statements and fee treatment before relying on the result.
Evaluate the underlying property separately →
Free educational model. No email gate. All examples are fictional. Not personalized lending, tax, or financial advice.
