Home / Calculators / Refinance
Refinance break-even calculator.
The question is not whether the new rate is lower. It is how long it takes the saving to cover the cost.
Break-even point—
Current principal & interest—
New principal & interest—
Change per month—
Cost to do it—
If you plan to move before the break-even point, refinancing costs you money. That is the whole test. Note also that resetting a 27-year balance onto a new 30-year term lowers the monthly payment partly by stretching the loan, which can mean more total interest even at a lower rate — compare the term as well as the rate. This is an estimate, not a quote, and not an offer of credit.
Find out what you qualify for.
A licensed loan officer reviews what you send and tells you where you stand, in writing. No cost, and no obligation to go further.