Loan Refinance Trap Detector
A lower monthly payment can hide thousands in extra interest. Enter your current loan and the refi offer — see whether it's a smart move or a trap.
Loan type
Current loan
Refinance offer
Side-by-side comparison
Monthly payment change
Break-even point
N/A
None
Why this is a trap
Your new term ( months) is longer than your remaining term ( months). Even if the rate is lower, spreading the balance over more months adds in extra interest. The lower payment is real — but you're paying more total.
This looks like a genuine win. You save in total interest and break even in months. Make sure closing costs are fixed (not rolled into the new balance) to keep the math intact.
Fill in your current loan details and the refi offer to see the verdict.