Compare a new mortgage payment with the current one after refinancing.
Refinancing replaces the old loan with a new one at a different rate or term, changing the monthly payment. The break-even point shows how many months of savings it takes to recover closing costs. A lower payment only pays off if you keep the loan long enough to recover the closing costs you paid to get it.
Mortgage Refinance
Savings = current payment - refi payment; break even = closing costs / monthly savings
Savings = current payment - refi payment; break even = closing costs / monthly savings Refinancing replaces the old loan with a new one at a different rate or term, changing the monthly payment. The break-even point shows how many months of savings it takes to recover closing costs.
A lower payment only pays off if you keep the loan long enough to recover the closing costs you paid to get it.
This calculator takes 6 inputs: Current balance, Current rate, Years left, Refi rate, New term years, Closing costs. The pre-filled defaults are a realistic starting point — replace them with figures from your own environment for a result you can act on.