Refinance Calculator
Should you refinance? Break-even and savings.
Result
New payment
$1,169.18
- Current payment
- $1,288.60
- Break-even
- 41.868months
- Savings
- $119.42
Common questions
When does it make sense to refinance?
Refinancing is typically worthwhile if you can lower your rate by at least 0.5–1%, plan to stay in the home long enough to recoup closing costs, or need to switch from an adjustable to a fixed rate.
How do I calculate my refinance break-even point?
Divide total closing costs by monthly savings. For example, $4,000 in costs with $200/month savings = 20 months to break even. Stay longer than that and you come out ahead.