FREE CALCULATOR · REFINANCING
Refinance break-even
Compare payment relief, closing costs, and scheduled interest.
New monthly principal & interest$2,398
- Current monthly P&I
- $2,751
- Monthly P&I reduction
- $353
- Simple cost break-even
- 14.2 months
- Current remaining interest
- $491,408
- New scheduled interest
- $463,353
- Closing costs paid in cash
- $5,000
Compare both interest totals and the repayment timelines; a payment reduction is not automatically total-cost savings.
Same principal balance, with closing costs paid in cash. Excludes cash out, financed costs, mortgage-insurance changes, taxes, escrow deposits, and tax effects. Simple break-even uses P&I savings only. A longer term can lower payment while increasing total interest. Inputs are calculated in your browser and are not submitted to a lender. “Save my inputs” stores them on this device.