Free Tool
See how much a refinance could save you each month — and how long until it pays for itself. Enter your current loan and a new rate to get your monthly savings and break-even point instantly.
Estimate only. Compares principal & interest; taxes/insurance are unchanged by a rate refinance.
A refinance is usually worth it when the new rate is meaningfully lower and you'll keep the loan past the break-even point — the month your accumulated savings cover the closing costs. This tool compares your current principal-and-interest payment to a new one and shows both the monthly savings and the break-even.
Want your real refinance number? Get a live refi quote — no credit pull to start. Compare a rate-and-term vs a cash-out refinance, or see all refinance options.
A refinance calculator compares your current monthly principal and interest to what you'd pay at a new rate and term, then divides your closing costs by the monthly savings to find your break-even point — the number of months until the refinance pays for itself.
The break-even point is how long it takes for your monthly savings to cover the refinance's closing costs. If you save $250/month and closing costs are $6,000, you break even in 24 months. Refinancing usually makes sense if you'll keep the loan past break-even.
It's usually worth it if your new rate is meaningfully lower and you'll stay in the home past the break-even point. Even a small rate drop can save thousands over time. Because rates and costs vary, run your numbers here, then get a real quote.
It can. If you refinance a loan with 25 years left into a new 30-year loan, you extend the term — which lowers the payment but can raise total interest. This calculator lets you set the new term so you can compare a lower payment against a shorter payoff.
Send us your current loan and we'll shop multiple lenders for your best refi rate and show the true break-even. Free, no obligation.