Refinance Analyzer
Know whether the lower payment is actually a win.
Compare the quick breakeven estimate with what each path costs over the same years, so a longer new loan does not hide the tradeoff.
Monthly payment
Current monthly payment$2,771
New monthly payment$2,433
Monthly savings+$338
Simple breakeven26 monthsClosing costs ÷ monthly savings — the quick estimate; it ignores that the new loan runs longer.
Cost over the same years
Comparison window25 yr
Current loan interest over window$411,183
New loan interest + costs over window$437,266
Savings over the window-$26,083
A lower monthly payment can still cost more overall: starting a fresh 30-year clock stretches interest back out over more years, even at a lower rate. Comparing both loans over the same window keeps that trap from hiding.
If you keep paying your old payment
Interest saved+$92,068
Keep paying what you pay today instead of dropping to the new minimum, and the extra goes straight to paying down the balance — that defuses the longer term by paying the new loan off on (roughly) your old schedule.