Compare your current loan to a new refinanced loan and see how long it takes to break even on closing costs.
Frequently Asked Questions
How do I know if refinancing is worth it?
Compare your monthly savings to the closing costs. The breakeven point (closing costs divided by monthly savings) tells you how many months until the refinance pays for itself — if you plan to stay longer than that, it's usually worth it.
Why might total interest go up even if my payment goes down?
Extending your loan term (for example, refinancing 25 remaining years into a new 30-year loan) can lower your monthly payment but increase total interest paid over the life of the loan.
Does this include refinancing fees beyond closing costs?
This calculator uses whatever closing cost figure you enter — include all fees (appraisal, origination, title, etc.) for the most accurate breakeven estimate.