Refinance Calculator
Compare your current loan to a new refinance offer and see your monthly savings and how long it takes to break even.
What breakeven point means
The breakeven point is how many months it takes for your monthly savings to cover the closing costs of refinancing. If you plan to stay in the home (or keep the loan) longer than the breakeven period, refinancing is generally worth it purely on the numbers.
If you expect to sell or pay off the loan before reaching breakeven, the closing costs may outweigh the savings — timeline is often the single biggest factor in whether refinancing makes sense.
Beyond the monthly payment
A lower monthly payment doesn't always mean less total interest — resetting to a new 30-year term after already paying down several years of a loan can sometimes increase total interest paid over time, even with a lower rate, because you're extending how long interest accrues.
Comparing total interest between the current loan's remaining term and the new loan's full term (as this calculator does) gives a more complete picture than the monthly payment difference alone.
Frequently asked questions
Is refinancing worth it if I'm planning to move soon?
Generally not, if you'd move before reaching the breakeven point — the closing costs may not be recovered through monthly savings in that case.
Can refinancing increase my total interest even with a lower rate?
Yes — resetting to a longer term (e.g., back to 30 years after already paying several years) extends how long interest accrues, which can offset some or all of the benefit of a lower rate.