Refinance Calculator
$0.00 saved per month
The Break-Even Point Is What Actually Matters
A lower rate doesn't automatically mean refinancing is worth it — closing costs typically run 2-5% of the loan amount. The break-even point (closing costs divided by your monthly savings) tells you how many months you'd need to stay in the home before refinancing actually saves you money.
Watch the Term, Not Just the Rate
Resetting to a new 30-year term after paying down your current loan for several years can lower your monthly payment while quietly increasing your total lifetime interest, since you're extending how long you pay interest overall. Compare the total interest figures above carefully.
See the Full New Payment Breakdown
Once you've settled on new loan terms, use the mortgage calculator to see the complete monthly payment including taxes and insurance.
Frequently Asked Questions
What is a good break-even point for refinancing?
If you plan to stay in the home well beyond your break-even point, refinancing is generally worth the closing costs. If you might move or sell soon, it may not pay off.
Does refinancing always save money long-term?
Not necessarily — resetting to a new long loan term can lower your payment while increasing total interest paid over the life of the loan.