Refinance Calculator
Compare your current mortgage to a new refinanced loan and find your break-even point.
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New monthly payment
$1,715
$300 lower per month
Current payment
$2,015
Break-even
14 months
New total interest
$337,369
Current total interest
$324,455
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Frequently Asked Questions
What is a refinance break-even point?
The break-even point is how many months it takes for your monthly payment savings to offset the closing costs of refinancing. If you plan to stay in your home past this point, refinancing is likely worthwhile.
Does refinancing always lower my total interest?
Not necessarily. Refinancing to a lower rate but a longer term can lower your monthly payment while increasing total interest paid over the life of the loan. Compare both the monthly payment and total interest before deciding.