Refinance Calculator
Should you keep your current loan or switch to a new one? Find out if lower rates are worth the closing costs.
Current Loan
New Loan Offer
Monthly Difference
$0
Your payment will increase.
Break-Even Point
Never Years
Time to recover your $5,000 closing costs.
Lifetime Comparison
Total cost over the remaining life of the loans.
Current Loan Cost
Over next 25 years
$720,000
New Loan Cost
Over next 30 years (+ Closing Costs)
$5,000
Total Lifetime Savings: $0
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The Refinance Break-Even Point
Refinancing almost always costs money upfront (Closing Costs). The "Break-Even Point" is how many months it takes for your monthly savings to pay back those costs. If you plan to move before the break-even point, refinancing usually loses money.
Warning: Restarting the Clock
Be careful when refinancing into a new 30-year term. Lowering your payment is nice, but if you've already paid 10 years of your current mortgage, starting over means paying interest for 10 extra years. This calculator shows "Lifetime Cost" to help you spot this trap.