Refinance Break-Even Calculator
How long a lower payment takes to pay back the cost of refinancing. Enter your own numbers; nothing is filled in for you.
Time to break even
Enter what you owe, both rates and the years left to see an estimate.
Estimate only, not an offer.
How This Is Worked Out
- Both payments are principal and interest on fixed-rate loans: what you owe over the years left at your current rate, and the new loan over its full term at the new rate.
- Break-even is the closing costs divided by the monthly savings, rounded up to a whole month. If the payment doesn't go down, there's no break-even point.
- Total interest compares what's left to pay on your current loan with the new loan's interest plus its closing costs. A longer new term can lower the payment and still cost more in total.