Refinance break-even calculator
Compare your current loan to a new rate to see your monthly savings, how long it takes to recoup closing costs, and what you'd save over the life of the loan.
Reviewed by Brian Stroka, NMLS #1682839·Free, no signup·Equal Housing Lender
Monthly savings
$237
Break-even
2y 2m
New payment
$2,270
Lifetime savings
$79,446
Compares principal & interest only. Break-even is closing costs divided by monthly savings.
Frequently asked questions
- What is the break-even point?
- It's the number of months of payment savings needed to cover your refinance closing costs. If you plan to keep the home past the break-even point, the refinance typically pays off.
- Should I refinance just because rates dropped?
- Not always. Factor in closing costs, how long you'll stay, and whether you're resetting the loan term. This tool helps you weigh those trade-offs before you commit.
BS
Questions about your numbers?
Brian Stroka, Loan Officer · NMLS #1682839