Wondering if you should refinance your mortgage? Our Refinance Break-Even Calculator helps you determine exactly when your monthly savings will cover the upfront closing costs. By entering your current loan balance, interest rates, and estimated fees, you can quickly see if refinancing makes financial sense based on how long you plan to stay in the home. Make an informed decision and avoid losing money on a bad refinance deal.
Current Loan Details
New Loan Details
Seller Concessions / Buydown
Break-Even Point
0 Months
Recommendation
Worth it if you stay X+ years
Current Monthly Payment (P&I)
$0
New Monthly Payment (P&I)
$0
Monthly Savings
$0
Total Interest Saved (Life of Loan)
$0
Frequently Asked Questions
What is a refinance break-even point?
The break-even point is the number of months it takes for your monthly mortgage savings to equal the upfront closing costs of the refinance. After this point, you begin genuinely saving money.
Are closing costs negotiable?
Yes, many closing costs can be negotiated. You can shop around for different lenders, title companies, and ask for lender credits to offset some of the upfront fees.
Should I refinance for a 0.5% rate drop?
It depends entirely on your loan balance and how long you plan to stay in the home. Use the calculator above: if the break-even period is shorter than your planned stay, it might make sense.