Mortgage prepayment and refinancing strategies

Set comparison conditions

Outstanding principalRemaining term (months)Original nominal annual rate (%)

B Prepayment

B Principal prepaymentB Prepayment fee B After prepayment

C Refinancing

Refinance nominal annual rate (%)New loan term (months)C All refinance fees (including payoff penalties)

Common horizon and assumptions

Effective annual discount / cash growth rate (%)Common evaluation horizon (months)

All amounts use the same currency and cents; terms are 1–1200 months and rates 0–100%. Refinance fees include all payoff/switching charges and are paid in cash, not added to debt. House value is excluded because all three strategies hold the same property.

Keep original

Initial monthly payment: 26,010.68
Monthly payment change versus A: 0.00
Net financial cost PV difference versus A: 0.00

Prepay

Initial monthly payment: 23,409.61
Monthly payment change versus A: -2,601.07
Net financial cost PV difference versus A: -15,036.09

Refinance

Initial monthly payment: 25,058.05
Monthly payment change versus A: -952.63
Net financial cost PV difference versus A: -158,630.05

Show complete financial details

Retained cash, fees, debt and complete costs
Measure	A	B	C
Upfront outflow (including principal)	0.00	500,000.00	30,000.00
Retained cash	500,000.00	0.00	470,000.00
Terminal retained cash (assumed)	742,973.70	0.00	698,395.28
Interest within horizon	1,242,564.21	1,118,307.84	1,013,932.52
Fees	0.00	0.00	30,000.00
Total cash paid within horizon	6,242,564.21	6,118,307.84	6,043,932.52
Terminal debt	0.00	0.00	0.00
Discounted total obligation	5,150,360.52	5,135,324.43	4,991,730.47
Net financial cost PV	4,650,360.52	4,635,324.43	4,491,730.47
Payoff term (months)	240.00	240.00	240.00
Lifetime interest	1,242,564.21	1,118,307.84	1,013,932.52

Decision differences and outstanding principal

Which strategy reduces monthly pressure? ( units)

ABC

C · Initial monthly payment: 25,058.05 units

These are initially scheduled payments. Final settlement and payments after payoff can differ; the full monthly path remains available below.

Month-end outstanding principal ( units)

ABC

Month 1 · A: 4,983,572.65 units · B: 4,485,215.39 units · C: 4,982,858.62 units

Monthly payment / remaining debt; selecting a row synchronizes both charts
Month	A payment / balance	B payment / balance	C payment / balance
1	26,010.68 / 4,983,572.65	23,409.61 / 4,485,215.39	25,058.05 / 4,982,858.62
2	26,010.68 / 4,967,113.82	23,409.61 / 4,470,402.44	25,058.05 / 4,965,690.10
3	26,010.68 / 4,950,623.44	23,409.61 / 4,455,561.10	25,058.05 / 4,948,494.39
4	26,010.68 / 4,934,101.45	23,409.61 / 4,440,691.32	25,058.05 / 4,931,271.46
5	26,010.68 / 4,917,547.80	23,409.61 / 4,425,793.04	25,058.05 / 4,914,021.26
6	26,010.68 / 4,900,962.42	23,409.61 / 4,410,866.20	25,058.05 / 4,896,743.74
7	26,010.68 / 4,884,345.25	23,409.61 / 4,395,910.75	25,058.05 / 4,879,438.87
8	26,010.68 / 4,867,696.23	23,409.61 / 4,380,926.64	25,058.05 / 4,862,106.60
9	26,010.68 / 4,851,015.30	23,409.61 / 4,365,913.81	25,058.05 / 4,844,746.89
10	26,010.68 / 4,834,302.40	23,409.61 / 4,350,872.20	25,058.05 / 4,827,359.69
11	26,010.68 / 4,817,557.47	23,409.61 / 4,335,801.76	25,058.05 / 4,809,944.96
12	26,010.68 / 4,800,780.44	23,409.61 / 4,320,702.44	25,058.05 / 4,792,502.66
13	26,010.68 / 4,783,971.26	23,409.61 / 4,305,574.18	25,058.05 / 4,775,032.74
14	26,010.68 / 4,767,129.86	23,409.61 / 4,290,416.92	25,058.05 / 4,757,535.16
15	26,010.68 / 4,750,256.18	23,409.61 / 4,275,230.61	25,058.05 / 4,740,009.87
16	26,010.68 / 4,733,350.16	23,409.61 / 4,260,015.19	25,058.05 / 4,722,456.84
17	26,010.68 / 4,716,411.73	23,409.61 / 4,244,770.61	25,058.05 / 4,704,876.01
18	26,010.68 / 4,699,440.84	23,409.61 / 4,229,496.81	25,058.05 / 4,687,267.35
19	26,010.68 / 4,682,437.42	23,409.61 / 4,214,193.74	25,058.05 / 4,669,630.81
20	26,010.68 / 4,665,401.41	23,409.61 / 4,198,861.33	25,058.05 / 4,651,966.34
21	26,010.68 / 4,648,332.75	23,409.61 / 4,183,499.54	25,058.05 / 4,634,273.90
22	26,010.68 / 4,631,231.37	23,409.61 / 4,168,108.30	25,058.05 / 4,616,553.45
23	26,010.68 / 4,614,097.22	23,409.61 / 4,152,687.56	25,058.05 / 4,598,804.94
24	26,010.68 / 4,596,930.23	23,409.61 / 4,137,237.27	25,058.05 / 4,581,028.33
25	26,010.68 / 4,579,730.33	23,409.61 / 4,121,757.36	25,058.05 / 4,563,223.57
26	26,010.68 / 4,562,497.47	23,409.61 / 4,106,247.78	25,058.05 / 4,545,390.62
27	26,010.68 / 4,545,231.58	23,409.61 / 4,090,708.48	25,058.05 / 4,527,529.44
28	26,010.68 / 4,527,932.59	23,409.61 / 4,075,139.39	25,058.05 / 4,509,639.98
29	26,010.68 / 4,510,600.45	23,409.61 / 4,059,540.46	25,058.05 / 4,491,722.19
30	26,010.68 / 4,493,235.09	23,409.61 / 4,043,911.64	25,058.05 / 4,473,776.03
31	26,010.68 / 4,475,836.44	23,409.61 / 4,028,252.86	25,058.05 / 4,455,801.46
32	26,010.68 / 4,458,404.45	23,409.61 / 4,012,564.07	25,058.05 / 4,437,798.43
33	26,010.68 / 4,440,939.05	23,409.61 / 3,996,845.21	25,058.05 / 4,419,766.89
34	26,010.68 / 4,423,440.17	23,409.61 / 3,981,096.22	25,058.05 / 4,401,706.80
35	26,010.68 / 4,405,907.75	23,409.61 / 3,965,317.04	25,058.05 / 4,383,618.12
36	26,010.68 / 4,388,341.73	23,409.61 / 3,949,507.62	25,058.05 / 4,365,500.80
37	26,010.68 / 4,370,742.04	23,409.61 / 3,933,667.90	25,058.05 / 4,347,354.79
38	26,010.68 / 4,353,108.62	23,409.61 / 3,917,797.82	25,058.05 / 4,329,180.05
39	26,010.68 / 4,335,441.40	23,409.61 / 3,901,897.32	25,058.05 / 4,310,976.54
40	26,010.68 / 4,317,740.32	23,409.61 / 3,885,966.35	25,058.05 / 4,292,744.20
41	26,010.68 / 4,300,005.31	23,409.61 / 3,870,004.84	25,058.05 / 4,274,482.99
42	26,010.68 / 4,282,236.31	23,409.61 / 3,854,012.74	25,058.05 / 4,256,192.87
43	26,010.68 / 4,264,433.25	23,409.61 / 3,837,989.99	25,058.05 / 4,237,873.79
44	26,010.68 / 4,246,596.07	23,409.61 / 3,821,936.53	25,058.05 / 4,219,525.71
45	26,010.68 / 4,228,724.70	23,409.61 / 3,805,852.30	25,058.05 / 4,201,148.58
46	26,010.68 / 4,210,819.08	23,409.61 / 3,789,737.24	25,058.05 / 4,182,742.35
47	26,010.68 / 4,192,879.14	23,409.61 / 3,773,591.29	25,058.05 / 4,164,306.98
48	26,010.68 / 4,174,904.81	23,409.61 / 3,757,414.40	25,058.05 / 4,145,842.42
49	26,010.68 / 4,156,896.03	23,409.61 / 3,741,206.50	25,058.05 / 4,127,348.62
50	26,010.68 / 4,138,852.73	23,409.61 / 3,724,967.54	25,058.05 / 4,108,825.54
51	26,010.68 / 4,120,774.85	23,409.61 / 3,708,697.45	25,058.05 / 4,090,273.13
52	26,010.68 / 4,102,662.32	23,409.61 / 3,692,396.18	25,058.05 / 4,071,691.35
53	26,010.68 / 4,084,515.08	23,409.61 / 3,676,063.66	25,058.05 / 4,053,080.14
54	26,010.68 / 4,066,333.05	23,409.61 / 3,659,699.84	25,058.05 / 4,034,439.47
55	26,010.68 / 4,048,116.18	23,409.61 / 3,643,304.65	25,058.05 / 4,015,769.28
56	26,010.68 / 4,029,864.39	23,409.61 / 3,626,878.04	25,058.05 / 3,997,069.53
57	26,010.68 / 4,011,577.62	23,409.61 / 3,610,419.95	25,058.05 / 3,978,340.17
58	26,010.68 / 3,993,255.80	23,409.61 / 3,593,930.31	25,058.05 / 3,959,581.16
59	26,010.68 / 3,974,898.86	23,409.61 / 3,577,409.07	25,058.05 / 3,940,792.45
60	26,010.68 / 3,956,506.74	23,409.61 / 3,560,856.16	25,058.05 / 3,921,973.99
61	26,010.68 / 3,938,079.36	23,409.61 / 3,544,271.52	25,058.05 / 3,903,125.73
62	26,010.68 / 3,919,616.67	23,409.61 / 3,527,655.10	25,058.05 / 3,884,247.63
63	26,010.68 / 3,901,118.59	23,409.61 / 3,511,006.83	25,058.05 / 3,865,339.64
64	26,010.68 / 3,882,585.05	23,409.61 / 3,494,326.65	25,058.05 / 3,846,401.71
65	26,010.68 / 3,864,015.99	23,409.61 / 3,477,614.50	25,058.05 / 3,827,433.80
66	26,010.68 / 3,845,411.34	23,409.61 / 3,460,870.32	25,058.05 / 3,808,435.85
67	26,010.68 / 3,826,771.03	23,409.61 / 3,444,094.04	25,058.05 / 3,789,407.82
68	26,010.68 / 3,808,094.99	23,409.61 / 3,427,285.61	25,058.05 / 3,770,349.67
69	26,010.68 / 3,789,383.16	23,409.61 / 3,410,444.96	25,058.05 / 3,751,261.34
70	26,010.68 / 3,770,635.46	23,409.61 / 3,393,572.04	25,058.05 / 3,732,142.79
71	26,010.68 / 3,751,851.83	23,409.61 / 3,376,666.78	25,058.05 / 3,712,993.97
72	26,010.68 / 3,733,032.20	23,409.61 / 3,359,729.11	25,058.05 / 3,693,814.83
73	26,010.68 / 3,714,176.50	23,409.61 / 3,342,758.98	25,058.05 / 3,674,605.32
74	26,010.68 / 3,695,284.66	23,409.61 / 3,325,756.32	25,058.05 / 3,655,365.40
75	26,010.68 / 3,676,356.61	23,409.61 / 3,308,721.08	25,058.05 / 3,636,095.01
76	26,010.68 / 3,657,392.28	23,409.61 / 3,291,653.19	25,058.05 / 3,616,794.11
77	26,010.68 / 3,638,391.60	23,409.61 / 3,274,552.58	25,058.05 / 3,597,462.65
78	26,010.68 / 3,619,354.50	23,409.61 / 3,257,419.20	25,058.05 / 3,578,100.58
79	26,010.68 / 3,600,280.92	23,409.61 / 3,240,252.98	25,058.05 / 3,558,707.86
80	26,010.68 / 3,581,170.78	23,409.61 / 3,223,053.85	25,058.05 / 3,539,284.43
81	26,010.68 / 3,562,024.01	23,409.61 / 3,205,821.76	25,058.05 / 3,519,830.25
82	26,010.68 / 3,542,840.54	23,409.61 / 3,188,556.64	25,058.05 / 3,500,345.26
83	26,010.68 / 3,523,620.30	23,409.61 / 3,171,258.43	25,058.05 / 3,480,829.42
84	26,010.68 / 3,504,363.23	23,409.61 / 3,153,927.07	25,058.05 / 3,461,282.68
85	26,010.68 / 3,485,069.25	23,409.61 / 3,136,562.49	25,058.05 / 3,441,704.99
86	26,010.68 / 3,465,738.29	23,409.61 / 3,119,164.62	25,058.05 / 3,422,096.31
87	26,010.68 / 3,446,370.28	23,409.61 / 3,101,733.41	25,058.05 / 3,402,456.58
88	26,010.68 / 3,426,965.14	23,409.61 / 3,084,268.79	25,058.05 / 3,382,785.75
89	26,010.68 / 3,407,522.81	23,409.61 / 3,066,770.70	25,058.05 / 3,363,083.78
90	26,010.68 / 3,388,043.22	23,409.61 / 3,049,239.07	25,058.05 / 3,343,350.61
91	26,010.68 / 3,368,526.29	23,409.61 / 3,031,673.83	25,058.05 / 3,323,586.20
92	26,010.68 / 3,348,971.95	23,409.61 / 3,014,074.93	25,058.05 / 3,303,790.49
93	26,010.68 / 3,329,380.13	23,409.61 / 2,996,442.30	25,058.05 / 3,283,963.44
94	26,010.68 / 3,309,750.76	23,409.61 / 2,978,775.87	25,058.05 / 3,264,105.00
95	26,010.68 / 3,290,083.77	23,409.61 / 2,961,075.58	25,058.05 / 3,244,215.12
96	26,010.68 / 3,270,379.08	23,409.61 / 2,943,341.36	25,058.05 / 3,224,293.74
97	26,010.68 / 3,250,636.63	23,409.61 / 2,925,573.15	25,058.05 / 3,204,340.82
98	26,010.68 / 3,230,856.34	23,409.61 / 2,907,770.89	25,058.05 / 3,184,356.31
99	26,010.68 / 3,211,038.13	23,409.61 / 2,889,934.51	25,058.05 / 3,164,340.16
100	26,010.68 / 3,191,181.94	23,409.61 / 2,872,063.94	25,058.05 / 3,144,292.32
101	26,010.68 / 3,171,287.69	23,409.61 / 2,854,159.12	25,058.05 / 3,124,212.73
102	26,010.68 / 3,151,355.31	23,409.61 / 2,836,219.98	25,058.05 / 3,104,101.35
103	26,010.68 / 3,131,384.73	23,409.61 / 2,818,246.46	25,058.05 / 3,083,958.13
104	26,010.68 / 3,111,375.87	23,409.61 / 2,800,238.49	25,058.05 / 3,063,783.01
105	26,010.68 / 3,091,328.66	23,409.61 / 2,782,196.00	25,058.05 / 3,043,575.95
106	26,010.68 / 3,071,243.03	23,409.61 / 2,764,118.93	25,058.05 / 3,023,336.90
107	26,010.68 / 3,051,118.90	23,409.61 / 2,746,007.21	25,058.05 / 3,003,065.80
108	26,010.68 / 3,030,956.20	23,409.61 / 2,727,860.78	25,058.05 / 2,982,762.60
109	26,010.68 / 3,010,754.85	23,409.61 / 2,709,679.57	25,058.05 / 2,962,427.26
110	26,010.68 / 2,990,514.78	23,409.61 / 2,691,463.51	25,058.05 / 2,942,059.72
111	26,010.68 / 2,970,235.92	23,409.61 / 2,673,212.54	25,058.05 / 2,921,659.93
112	26,010.68 / 2,949,918.19	23,409.61 / 2,654,926.59	25,058.05 / 2,901,227.84
113	26,010.68 / 2,929,561.52	23,409.61 / 2,636,605.59	25,058.05 / 2,880,763.40
114	26,010.68 / 2,909,165.83	23,409.61 / 2,618,249.47	25,058.05 / 2,860,266.56
115	26,010.68 / 2,888,731.05	23,409.61 / 2,599,858.17	25,058.05 / 2,839,737.27
116	26,010.68 / 2,868,257.10	23,409.61 / 2,581,431.62	25,058.05 / 2,819,175.47
117	26,010.68 / 2,847,743.91	23,409.61 / 2,562,969.75	25,058.05 / 2,798,581.11
118	26,010.68 / 2,827,191.41	23,409.61 / 2,544,472.50	25,058.05 / 2,777,954.15
119	26,010.68 / 2,806,599.51	23,409.61 / 2,525,939.80	25,058.05 / 2,757,294.53
120	26,010.68 / 2,785,968.15	23,409.61 / 2,507,371.57	25,058.05 / 2,736,602.20
121	26,010.68 / 2,765,297.24	23,409.61 / 2,488,767.76	25,058.05 / 2,715,877.10
122	26,010.68 / 2,744,586.71	23,409.61 / 2,470,128.29	25,058.05 / 2,695,119.19
123	26,010.68 / 2,723,836.49	23,409.61 / 2,451,453.09	25,058.05 / 2,674,328.41
124	26,010.68 / 2,703,046.50	23,409.61 / 2,432,742.10	25,058.05 / 2,653,504.71
125	26,010.68 / 2,682,216.66	23,409.61 / 2,413,995.25	25,058.05 / 2,632,648.04
126	26,010.68 / 2,661,346.90	23,409.61 / 2,395,212.46	25,058.05 / 2,611,758.35
127	26,010.68 / 2,640,437.13	23,409.61 / 2,376,393.67	25,058.05 / 2,590,835.58
128	26,010.68 / 2,619,487.29	23,409.61 / 2,357,538.81	25,058.05 / 2,569,879.69
129	26,010.68 / 2,598,497.29	23,409.61 / 2,338,647.82	25,058.05 / 2,548,890.62
130	26,010.68 / 2,577,467.06	23,409.61 / 2,319,720.62	25,058.05 / 2,527,868.31
131	26,010.68 / 2,556,396.53	23,409.61 / 2,300,757.14	25,058.05 / 2,506,812.72
132	26,010.68 / 2,535,285.61	23,409.61 / 2,281,757.31	25,058.05 / 2,485,723.79
133	26,010.68 / 2,514,134.23	23,409.61 / 2,262,721.07	25,058.05 / 2,464,601.47
134	26,010.68 / 2,492,942.31	23,409.61 / 2,243,648.34	25,058.05 / 2,443,445.71
135	26,010.68 / 2,471,709.77	23,409.61 / 2,224,539.06	25,058.05 / 2,422,256.45
136	26,010.68 / 2,450,436.53	23,409.61 / 2,205,393.15	25,058.05 / 2,401,033.64
137	26,010.68 / 2,429,122.52	23,409.61 / 2,186,210.54	25,058.05 / 2,379,777.23
138	26,010.68 / 2,407,767.66	23,409.61 / 2,166,991.17	25,058.05 / 2,358,487.16
139	26,010.68 / 2,386,371.87	23,409.61 / 2,147,734.96	25,058.05 / 2,337,163.38
140	26,010.68 / 2,364,935.07	23,409.61 / 2,128,441.84	25,058.05 / 2,315,805.84
141	26,010.68 / 2,343,457.18	23,409.61 / 2,109,111.74	25,058.05 / 2,294,414.48
142	26,010.68 / 2,321,938.13	23,409.61 / 2,089,744.59	25,058.05 / 2,272,989.25
143	26,010.68 / 2,300,377.83	23,409.61 / 2,070,340.32	25,058.05 / 2,251,530.10
144	26,010.68 / 2,278,776.21	23,409.61 / 2,050,898.86	25,058.05 / 2,230,036.97
145	26,010.68 / 2,257,133.18	23,409.61 / 2,031,420.14	25,058.05 / 2,208,509.81
146	26,010.68 / 2,235,448.67	23,409.61 / 2,011,904.09	25,058.05 / 2,186,948.57
147	26,010.68 / 2,213,722.60	23,409.61 / 1,992,350.63	25,058.05 / 2,165,353.19
148	26,010.68 / 2,191,954.89	23,409.61 / 1,972,759.69	25,058.05 / 2,143,723.62
149	26,010.68 / 2,170,145.46	23,409.61 / 1,953,131.20	25,058.05 / 2,122,059.80
150	26,010.68 / 2,148,294.23	23,409.61 / 1,933,465.09	25,058.05 / 2,100,361.68
151	26,010.68 / 2,126,401.11	23,409.61 / 1,913,761.29	25,058.05 / 2,078,629.20
152	26,010.68 / 2,104,466.03	23,409.61 / 1,894,019.72	25,058.05 / 2,056,862.31
153	26,010.68 / 2,082,488.91	23,409.61 / 1,874,240.31	25,058.05 / 2,035,060.96
154	26,010.68 / 2,060,469.67	23,409.61 / 1,854,422.99	25,058.05 / 2,013,225.09
155	26,010.68 / 2,038,408.22	23,409.61 / 1,834,567.69	25,058.05 / 1,991,354.65
156	26,010.68 / 2,016,304.49	23,409.61 / 1,814,674.33	25,058.05 / 1,969,449.58
157	26,010.68 / 1,994,158.39	23,409.61 / 1,794,742.85	25,058.05 / 1,947,509.83
158	26,010.68 / 1,971,969.85	23,409.61 / 1,774,773.16	25,058.05 / 1,925,535.34
159	26,010.68 / 1,949,738.78	23,409.61 / 1,754,765.20	25,058.05 / 1,903,526.05
160	26,010.68 / 1,927,465.10	23,409.61 / 1,734,718.89	25,058.05 / 1,881,481.92
161	26,010.68 / 1,905,148.73	23,409.61 / 1,714,634.16	25,058.05 / 1,859,402.88
162	26,010.68 / 1,882,789.59	23,409.61 / 1,694,510.93	25,058.05 / 1,837,288.88
163	26,010.68 / 1,860,387.59	23,409.61 / 1,674,349.13	25,058.05 / 1,815,139.87
164	26,010.68 / 1,837,942.65	23,409.61 / 1,654,148.69	25,058.05 / 1,792,955.79
165	26,010.68 / 1,815,454.69	23,409.61 / 1,633,909.53	25,058.05 / 1,770,736.59
166	26,010.68 / 1,792,923.63	23,409.61 / 1,613,631.58	25,058.05 / 1,748,482.21
167	26,010.68 / 1,770,349.39	23,409.61 / 1,593,314.76	25,058.05 / 1,726,192.59
168	26,010.68 / 1,747,731.88	23,409.61 / 1,572,959.00	25,058.05 / 1,703,867.68
169	26,010.68 / 1,725,071.02	23,409.61 / 1,552,564.23	25,058.05 / 1,681,507.42
170	26,010.68 / 1,702,366.73	23,409.61 / 1,532,130.37	25,058.05 / 1,659,111.76
171	26,010.68 / 1,679,618.92	23,409.61 / 1,511,657.34	25,058.05 / 1,636,680.64
172	26,010.68 / 1,656,827.51	23,409.61 / 1,491,145.07	25,058.05 / 1,614,214.00
173	26,010.68 / 1,633,992.42	23,409.61 / 1,470,593.49	25,058.05 / 1,591,711.79
174	26,010.68 / 1,611,113.56	23,409.61 / 1,450,002.52	25,058.05 / 1,569,173.95
175	26,010.68 / 1,588,190.85	23,409.61 / 1,429,372.08	25,058.05 / 1,546,600.43
176	26,010.68 / 1,565,224.20	23,409.61 / 1,408,702.10	25,058.05 / 1,523,991.16
177	26,010.68 / 1,542,213.53	23,409.61 / 1,387,992.50	25,058.05 / 1,501,346.10
178	26,010.68 / 1,519,158.76	23,409.61 / 1,367,243.21	25,058.05 / 1,478,665.18
179	26,010.68 / 1,496,059.80	23,409.61 / 1,346,454.15	25,058.05 / 1,455,948.35
180	26,010.68 / 1,472,916.57	23,409.61 / 1,325,625.24	25,058.05 / 1,433,195.55
181	26,010.68 / 1,449,728.98	23,409.61 / 1,304,756.41	25,058.05 / 1,410,406.73
182	26,010.68 / 1,426,496.95	23,409.61 / 1,283,847.58	25,058.05 / 1,387,581.82
183	26,010.68 / 1,403,220.39	23,409.61 / 1,262,898.68	25,058.05 / 1,364,720.77
184	26,010.68 / 1,379,899.22	23,409.61 / 1,241,909.63	25,058.05 / 1,341,823.53
185	26,010.68 / 1,356,533.35	23,409.61 / 1,220,880.35	25,058.05 / 1,318,890.03
186	26,010.68 / 1,333,122.69	23,409.61 / 1,199,810.76	25,058.05 / 1,295,920.22
187	26,010.68 / 1,309,667.16	23,409.61 / 1,178,700.79	25,058.05 / 1,272,914.04
188	26,010.68 / 1,286,166.68	23,409.61 / 1,157,550.36	25,058.05 / 1,249,871.44
189	26,010.68 / 1,262,621.15	23,409.61 / 1,136,359.39	25,058.05 / 1,226,792.35
190	26,010.68 / 1,239,030.49	23,409.61 / 1,115,127.80	25,058.05 / 1,203,676.72
191	26,010.68 / 1,215,394.62	23,409.61 / 1,093,855.52	25,058.05 / 1,180,524.49
192	26,010.68 / 1,191,713.45	23,409.61 / 1,072,542.47	25,058.05 / 1,157,335.60
193	26,010.68 / 1,167,986.89	23,409.61 / 1,051,188.57	25,058.05 / 1,134,110.00
194	26,010.68 / 1,144,214.85	23,409.61 / 1,029,793.74	25,058.05 / 1,110,847.62
195	26,010.68 / 1,120,397.25	23,409.61 / 1,008,357.90	25,058.05 / 1,087,548.41
196	26,010.68 / 1,096,534.00	23,409.61 / 986,880.98	25,058.05 / 1,064,212.31
197	26,010.68 / 1,072,625.01	23,409.61 / 965,362.89	25,058.05 / 1,040,839.26
198	26,010.68 / 1,048,670.19	23,409.61 / 943,803.56	25,058.05 / 1,017,429.21
199	26,010.68 / 1,024,669.46	23,409.61 / 922,202.91	25,058.05 / 993,982.09
200	26,010.68 / 1,000,622.73	23,409.61 / 900,560.86	25,058.05 / 970,497.84
201	26,010.68 / 976,529.91	23,409.61 / 878,877.32	25,058.05 / 946,976.41
202	26,010.68 / 952,390.91	23,409.61 / 857,152.22	25,058.05 / 923,417.74
203	26,010.68 / 928,205.65	23,409.61 / 835,385.49	25,058.05 / 899,821.77
204	26,010.68 / 903,974.03	23,409.61 / 813,577.04	25,058.05 / 876,188.44
205	26,010.68 / 879,695.97	23,409.61 / 791,726.79	25,058.05 / 852,517.69
206	26,010.68 / 855,371.37	23,409.61 / 769,834.66	25,058.05 / 828,809.46
207	26,010.68 / 831,000.15	23,409.61 / 747,900.57	25,058.05 / 805,063.69
208	26,010.68 / 806,582.22	23,409.61 / 725,924.44	25,058.05 / 781,280.32
209	26,010.68 / 782,117.49	23,409.61 / 703,906.19	25,058.05 / 757,459.30
210	26,010.68 / 757,605.87	23,409.61 / 681,845.73	25,058.05 / 733,600.56
211	26,010.68 / 733,047.27	23,409.61 / 659,742.99	25,058.05 / 709,704.04
212	26,010.68 / 708,441.60	23,409.61 / 637,597.89	25,058.05 / 685,769.69
213	26,010.68 / 683,788.77	23,409.61 / 615,410.34	25,058.05 / 661,797.44
214	26,010.68 / 659,088.69	23,409.61 / 593,180.27	25,058.05 / 637,787.24
215	26,010.68 / 634,341.26	23,409.61 / 570,907.59	25,058.05 / 613,739.02
216	26,010.68 / 609,546.40	23,409.61 / 548,592.22	25,058.05 / 589,652.72
217	26,010.68 / 584,704.02	23,409.61 / 526,234.08	25,058.05 / 565,528.29
218	26,010.68 / 559,814.02	23,409.61 / 503,833.09	25,058.05 / 541,365.66
219	26,010.68 / 534,876.32	23,409.61 / 481,389.16	25,058.05 / 517,164.77
220	26,010.68 / 509,890.82	23,409.61 / 458,902.21	25,058.05 / 492,925.56
221	26,010.68 / 484,857.43	23,409.61 / 436,372.16	25,058.05 / 468,647.98
222	26,010.68 / 459,776.06	23,409.61 / 413,798.93	25,058.05 / 444,331.96
223	26,010.68 / 434,646.62	23,409.61 / 391,182.43	25,058.05 / 419,977.44
224	26,010.68 / 409,469.01	23,409.61 / 368,522.59	25,058.05 / 395,584.35
225	26,010.68 / 384,243.15	23,409.61 / 345,819.31	25,058.05 / 371,152.64
226	26,010.68 / 358,968.94	23,409.61 / 323,072.52	25,058.05 / 346,682.25
227	26,010.68 / 333,646.28	23,409.61 / 300,282.13	25,058.05 / 322,173.11
228	26,010.68 / 308,275.09	23,409.61 / 277,448.06	25,058.05 / 297,625.17
229	26,010.68 / 282,855.27	23,409.61 / 254,570.23	25,058.05 / 273,038.36
230	26,010.68 / 257,386.73	23,409.61 / 231,648.55	25,058.05 / 248,412.62
231	26,010.68 / 231,869.37	23,409.61 / 208,682.93	25,058.05 / 223,747.89
232	26,010.68 / 206,303.11	23,409.61 / 185,673.30	25,058.05 / 199,044.11
233	26,010.68 / 180,687.84	23,409.61 / 162,619.56	25,058.05 / 174,301.21
234	26,010.68 / 155,023.48	23,409.61 / 139,521.64	25,058.05 / 149,519.14
235	26,010.68 / 129,309.93	23,409.61 / 116,379.45	25,058.05 / 124,697.83
236	26,010.68 / 103,547.09	23,409.61 / 93,192.90	25,058.05 / 99,837.22
237	26,010.68 / 77,734.88	23,409.61 / 69,961.91	25,058.05 / 74,937.25
238	26,010.68 / 51,873.19	23,409.61 / 46,686.39	25,058.05 / 49,997.85
239	26,010.68 / 25,961.93	23,409.61 / 23,366.26	25,058.05 / 25,018.96
240	26,011.69 / 0.00	23,411.05 / 0.00	25,058.57 / 0.00

Current result interpretation

Common initial liquid budget: 500,000.00 · Common evaluation horizon: 240 months

Current discounted obligation difference versus A (negative means lower): B -15,036.09; C -158,630.05. This includes upfront cash and terminal debt; it does not rank by payment or interest alone.

First refinance break-even month: 19；Remains nonnegative through horizon: Yes.

How to read the results

Separate monthly affordability from overall cost: lower payments may result from a longer term. Read upfront cash, fees, common-horizon PV and terminal debt together; liquidity and opportunity cost matter. Check how break-even is defined and whether it remains nonnegative after the first crossing.

Method and assumptions

Level monthly payment

A = \frac{P r}{1 - {(1 + r)}^{- n}} (r ≠ 0); A = \frac{P}{n} (r = 0)

Interest, principal and prepayment

I_{m} = B_{m - 1} r; C_{m} = A_{m} - I_{m}; P^{'} = P - L

Present value over a common horizon

PV = O + \sum_{m = 1}^{H} \frac{A_{m}}{q^{m}} + \frac{B_{H}}{q^{H}}; NetPV = PV - C_{0}

The common initial budget is max(B principal prepayment plus B fee, C all-in fees).Retained cash grows at the same effective annual rate. With q=(1+d)^(1/12), obligation PV = upfront outflow + Σ(payment/qᵐ) + terminal debt/qᴴ. Net cost subtracts the common initial budget, equivalently deducting retained-cash PV from future payments and debt without double counting.

Break-even recalculates accumulated discounted payment differences and remaining-debt differences at each exit month, less switching costs. With zero fees the initial crossing can be month zero. Payments follow the existing month-end, nominal annual rate/12, cent-ledger and final-settlement rules.

Scope and model limitations

Rates are fixed. Inflation, income tax, house prices, insurance, unspecified fees and later refinancing are excluded. Rates and cash growth are assumptions, not guarantees, and liquidity is not priced. Principal prepayment is not a fee but uses cash now. Actual contracts may restrict recasting or impose other penalties; check their terms.

Frequently asked questions

Can I use these outputs as an actual lender quote?

No. Confirm daily interest conventions, recasting rights, penalties and all required fees with the lender. This model uses fixed rates and monthly cent-ledger payments.

Does the first break-even month guarantee refinancing stays cheaper?

No. Check the sustained-crossing indicator and your common evaluation horizon. Changed terms, later fees and the value of liquidity can change the decision.