Refinance Savings Calculator
Is refinancing worth it after closing costs.
Monthly savings
$386
Breakeven on closing costs in 13.0 months
Old payment
$2,253
New payment
$1,867
Old total cost
$730,108
New total cost (with closing)
$677,276
Lifetime savings: $52,832
A longer new term lowers the monthly payment but can raise total interest. Compare both numbers, not just the monthly.
About
A lower rate looks like savings until you factor in closing costs. This compares your current mortgage to a new one, shows the monthly savings, and tells you how long until you've recovered the costs.
How to use
- Enter your current loan balance, rate, and remaining term.
- Enter the new rate, term, and closing costs.
- See monthly savings and the breakeven month.
FAQ
What's a typical breakeven point?+
Usually 18 to 36 months. If you're moving sooner than that, refinancing rarely makes sense.
Should I refinance to a 15-year?+
If you can afford the higher payment, yes. You'll pay much less interest. If money is tight, a 30-year refi at the new rate gives you flexibility.