Current Loan
New Loan
Refinance Analysis
Monthly Savings
$254.07
Break-Even Point
24 mo
New Payment
$1,769.79
Total Interest Saved
$0.00
Current Loan
$2,023.86/mo
Total: $607,157.77
New Loan (incl. closing costs)
$1,769.79/mo
Total: $643,124.57
Refinancing saves you $254.07/month. Break-even in 24 months (2.0 years).
Frequently Asked Questions
When does refinancing make sense?
Refinancing typically makes sense when: (1) You can lower your rate by at least 0.5–1%, (2) You plan to stay in the home longer than the break-even period, (3) Your credit score has improved significantly, or (4) You need to lower monthly payments even if it extends the loan term.
What are typical closing costs for refinancing?
Refinance closing costs typically run 2–5% of the loan amount. On a $300,000 loan that's $6,000–$15,000. Costs include origination fees, appraisal, title search, and recording fees. Some lenders offer "no-closing-cost" refinances with a slightly higher rate.
What is the break-even point?
Break-even = Closing Costs ÷ Monthly Savings. If closing costs are $6,000 and you save $200/month, break-even is 30 months (2.5 years). If you plan to stay longer than that, refinancing saves money overall.
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