Finance category
Mortgage, loan, investing, tax, and money calculators.
Refinance Calculator
Compare your current loan with a refinance offer to see whether lower payments, lower interest cost, or a different term actually justify the closing costs.
New monthly payment
$1,871.26
Monthly savings
$161.28
Lifetime savings
$43,883.73
Break-even
27.9 mo
How to Use
- Enter your remaining balance, current rate, and the years left on the existing loan.
- Add the proposed refinance rate and the new term you are considering.
- Include closing costs so the comparison reflects the real upfront cost of replacing the loan.
- Review the new payment, monthly savings, lifetime cost change, and break-even point before deciding whether the refinance is worth it.
Frequently Asked Questions
What is refinance break-even?
Break-even is the number of months it takes for your monthly payment savings to recover the closing costs of the new loan.
Does a lower payment always mean the refinance is better?
No. A lower payment can come from stretching the term, and a longer term may still increase total interest even if the monthly payment looks better.
Should I always include closing costs?
Yes. Closing costs reduce the benefit of refinancing and can make a seemingly attractive rate drop less valuable than it first appears.
When does refinancing usually make the most sense?
It often makes the most sense when you can lower the rate meaningfully, keep a reasonable term, and expect to hold the loan long enough to pass the break-even point.
Can I use this for auto or personal loans?
Yes. The underlying math works for many fixed-rate installment loans, not just mortgages.
Related Calculators
Refinance Break-Even Calculator
Translate the payment savings into a break-even month and compare it to your expected hold period.
Refinance Closing Cost Calculator
Build up the lender-side fees, prepaids, and escrow funding that feed the refinance comparison.
Mortgage Recast Calculator
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Cash-Out Refinance Calculator
Model pulling equity at the same time you replace the loan.
APR Calculator
Check whether lender fees make the new offer less attractive than the headline rate suggests.
Mortgage Calculator
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Next steps in Finance
Previous calculator
Refinance Break-Even Calculator
See how long monthly savings take to recover refinance closing costs and whether your expected hold period clears break-even.
Next calculator
Refinance Closing Cost Calculator
Build up a refinance Loan Estimate line by line: lender fees, points, prepaids, escrow funding, and cash at close.