Free tool
Refinance break-even calculator
Find how long it takes for monthly savings to repay the cost of refinancing.
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How it works
How it works
Break-even months = closing costs divided by monthly savings, where monthly savings is the old payment minus the new payment. If you will move or sell before then, refinancing may not pay off.
FAQ
About this calculator
Is a lower payment always a saving?
Not if the new loan has a longer term. You can pay less each month and more in total interest. Compare total cost as well.
What counts as closing costs?
Fees to originate the new loan, such as lender, appraisal, title and recording charges. Your loan estimate lists them.
Does this include taxes?
No. It is a simple payback calculation for general information.
Is anything saved?
No. The math runs in your browser and nothing you enter is sent to us.
Is this a quote or advice?
No. It is a calculator for general information. Check results against your own figures before you rely on them.
Read the guide: Is Refinancing Worth It? Find Your Break-Even. Related: loan comparison calculator, business loan payment calculator. See all free tools. More free tools: Freelance hourly rate calculator, Days sales outstanding calculator, Sales tax calculator, or see all free tools.
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Month-End Close Checklist (PDF)
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General information, not tax or legal advice. How we write and check our tools.