Refinance Break-Even Calculator
Find out if refinancing makes sense for your situation
Current Loan
$
Current Monthly Payment $1,863
New Loan
$
New Monthly Payment $1,679
Break-Even Analysis
$184
Monthly Savings
33
Months to Break Even
$59,642
Total Savings (if kept to term)
Refinancing could make sense
You'll break even in about 2.75 years. If you plan to stay longer, this saves money.
Things to consider
- A longer new term resets your payoff clock. You may pay more total interest even with a lower rate.
- If you might move before break-even, refinancing may not make sense.
- Consider a shorter term (15 or 20 years) to build equity faster, if you can afford higher payments.