Mortgage Refinance Break-Even Calculator
Find out if — and when — refinancing actually pays off.
Open the Interactive CalculatorHow It's Calculated
Break-Even (months) = Closing Costs ÷ Monthly Payment Savings. If you stay in the home longer than this, refinancing pays off.
Example
Example: refinancing a $340,000 balance from 7.25% to 6.0% saves roughly $356/month. With $5,000 in closing costs, that pays for itself in about 14 months.
Frequently Asked Questions
Is refinancing worth it if I might move soon?
Only if you plan to stay in the home longer than the break-even point — otherwise the closing costs outweigh the savings.
Does this account for resetting the loan term?
Yes — comparing to a new 30-year term can lower payments but restart your amortization clock, which this tool reflects in P&I only, not total lifetime interest paid.