Mortgage Refinance Calculator
Compare Current Loan vs New Rate & Break-Even MonthsRefinance Savings Analysis
Monthly Payment Savings
+$295.40 / mo
Break-Even in 15.2 Months (1.3 Yrs)
Current Monthly Payment:$2,045.80
New Monthly Payment:$1,750.40
Net Lifetime Interest Savings:$48,200
Upfront Closing Costs:$4,500
Frequently Asked Questions
Break-Even Period (Months) = Total Refinance Closing Costs ÷ Monthly Payment Savings.For example, if closing costs are $4,000 and you save $200 every month, your break-even point is 20 months (1.67 years). If you plan to stay in the home longer than 20 months, refinancing is mathematically profitable.
General financial guidelines recommend refinancing if you can lower your interest rate by at least 0.75% to 1.0%, or if you want to switch from an Adjustable-Rate Mortgage (ARM) to a stable Fixed-Rate loan, or shorten a 30-year loan to a 15-year term.