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Refinance break-even calculator

Lower payment is only half the question. This shows when you recover the closing costs, and whether restarting the clock costs you more over the life of the loan.

Your current loan

The new loan

Refinancing restarts the clock. A lower payment on a new 30-year loan can still cost more in total interest than finishing the loan you have, which is why the "keep paying the old amount" line matters.

Roll closing costs into the new loan?

Financing them means a slightly larger loan and no cash out of pocket; paying them means the break-even math starts from your own money.

$0lower per month
Break-even
Current payment
New payment
Keep current loanRefinanceRefinance, keep paying the old amount
Monthly P&I
Paid off in
Interest still to pay
Interest plus closing costs

For education and comparison only. Rates, costs and program rules depend on your credit, property and loan, and nothing here is a quote or a commitment to lend. Want the real version for your situation? Let's talk.

Other calculators: Monthly payment · Refinance break-even · Buydown comparison · Extra payments · HELOC · Rent vs. buy

Thinking about refinancing?

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