Refinance break-even calculator
Compare payments, upfront costs, and the time needed to recoup closing costs.
Your numbers
Rates shown are editable examples, not current offers.
Monthly payment reduction
$366Principal and interest only; closing costs are paid upfront.
- Current P&I payment
- $2,465
- New P&I payment
- $2,098
- Simple payment break-even
- 17 months
- 5-year interest-and-fee savings
- $15,058
- Current loan balance after 5 years
- $324,773
- New loan balance after 5 years
- $325,690
Understand this estimate
Assumes the existing balance is refinanced with no cash out, and all closing costs are paid in cash. Both loans use fixed rates and monthly payments. Payment savings exclude taxes, insurance, and mortgage insurance. Simple break-even divides upfront costs by monthly payment savings; it does not account for principal differences, time value of money, or tax effects. The holding-period comparison uses interest paid plus upfront costs and separately shows the remaining balances. No future rate is predicted.
Put the numbers in context.
A lower payment is not the same as a lower total cost. Compare balances and interest over the time you expect to keep the loan.
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