Old payment
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principal & interest
Calculator
Refinance Breakeven Calculator
Enter your current loan and a new offer to see the new payment, your monthly savings, and how many months it takes to recoup the closing costs.
New payment
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Monthly savings
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lower required payment
Breakeven
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to recoup closing costs
Monthly payment: current vs. refinanced
How to judge a refinance
A refinance is worth its closing costs only if you'll stay in the loan past the breakeven month and the deal lowers your total cost, not just the monthly payment. Watch out for resetting to a fresh 30-year term, which can raise lifetime interest even at a lower rate.
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Frequently asked questions
What is the refinance breakeven point?
It's the number of months it takes for your monthly savings to recoup the closing costs. Divide closing costs by monthly savings. If you'll keep the loan past that point, the refinance pays off.
Does a lower payment always mean a better deal?
No. Refinancing into a new 30-year term can lower the payment while increasing lifetime interest. Always compare total interest, not just the monthly number.
Recast or refinance?
If you like your rate and just want a lower payment, recasting is cheaper. If market rates are meaningfully below your current rate, refinancing can save more overall. See our recast vs refinance guide.