Refinance Break-Even Calculator
Refinancing only pays off once the monthly savings cover the closing costs. Compare your current loan to a new one and see the break-even month.
Current loan
$
%
yrs
%
yrs
$
Monthly savings
$373.45
Current payment$2,281.74
New payment$1,908.29
Break-even17 months
Interest on current loan$391,902
Interest on new loan$366,983
Lifetime savings after costs$18,419
How this works
Stretching the term back out to 30 years can lower the monthly payment while raising total interest — check both numbers before deciding. If you plan to move before the break-even month, refinancing likely costs you money.