Refinance Break-Even Calculator

Find out if refinancing pays off, and the exact month you recover the closing costs.

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Current mortgage

New mortgage

Break-even23 months1.9 years
Monthly savings$265$2,113 → $1,847
Net after 7 yrs$13,484Includes costs and remaining balance
Total payments left-$13,502New vs current: $670,975 / $684,477

Cumulative net savings (when positive)

$0k$22k$45k$67k$90k0612182430
Net savings
  • Extending the term lowers the payment but can raise total cost. Net compares payments plus the remaining balance of each loan at the end of your stay.

How it works

  1. Enter your current balance, rate and years remaining.
  2. Enter the new rate, term and closing costs.
  3. Set how many years you expect to stay.
  4. Read the break-even month and net savings.

Break-even in plain terms

Closing costs are paid up front. Break-even is the number of months of lower payments needed to earn them back. If you move or refinance again before then, you lose money.

Watch the term reset

Starting a new 30-year loan can lower your payment while raising total interest. The net savings figure compares payments and remaining balances at the end of your stay.

Frequently asked questions

How low must the rate be?

There is no universal rule. What matters is whether monthly savings repay costs within the time you will stay.

Does it include cash-out?

No. It models a rate-and-term refinance of the current balance.

Can I roll closing costs into the loan?

You can, but it raises the balance. Add them to the balance if so.

Is my data saved?

Only in your browser.