Compare your current New York mortgage with a refinanced loan to find the break-even.
Rate-and-term refinance comparison in New York: it holds the loan balance, compares monthly principal-and-interest at the old vs new rate, and divides closing costs by the monthly savings to find the break-even.
Break-even
Break-even = closing costs ÷ monthly savings
Estimate — closing costs vary by lender.
No — cash-out refinancing changes the balance and is not covered here.
Rates are approximate reference values. Local rates, exemptions and rules can differ, so treat the output as a planning figure only.