Refinance break-even calculator
See how long a refinance takes to pay for itself.
Monthly savings
$366Break-even: 17 months (1 yr 5 mo)
- Current principal & interest$2,465/mo
- New principal & interest$2,098/mo
- Monthly savings$366/mo
- Refi costs$6,000
- Interest left, current loan$448,556
- Interest, new loan$405,434
Saves $37,122 over the life of the loans.
Savings over time
| After | Payments saved | Incl. balance owed |
|---|---|---|
| 1 yr | -$1,605 | -$1,651 |
| 3 yr | $7,185 | $6,859 |
| 5 yr | $15,975 | $15,058 |
| 10 yr | $37,950 | $33,613 |
The last column also counts how much less (or more) you'd still owe.
Your name, photo and phone number go on it.
Questions
Is a lower payment always better?+
Not always. Resetting to a new 30-year term can lower the payment and still cost more interest overall. Both are shown.