Tool
The bench
On the bench
Enter your closing costs, current and new principal and interest, the months left on your current loan and the new term. The bench shows months to breakeven and compares total remaining payments, so a term reset cannot hide. Nothing is preselected or stored.
Last reviewed against the primary sources listed below.
Limits
It ignores taxes, escrow and investment returns, and assumes the payments stay level.
Breakeven questions
Why compare total payments?
Because a longer new term can lower the payment while costing more overall.