Refinance Breakeven
Compare your current mortgage to a refinance scenario. See your monthly savings, breakeven point, and lifetime impact.
Current Loan
$
%
New Loan
%
$
Typical refinance closing costs run 2–5% of the loan amount.
Monthly Payment Change
−$313
You'd save this much each month
Current Monthly
$2,289
New Monthly
$1,976
Breakeven Point
15 months
When savings cover closing costs
Lifetime Savings
$30,329
Total saved over both terms
Is refinancing right for you?
- •A common rule of thumb: refinance if the new rate is at least 0.5–0.75% below your current rate.
- •Plan to stay in the home past the breakeven point, otherwise the closing costs eat the savings.
- •Resetting to a 30-year term can lower monthly payments but often increases total interest paid. A shorter term saves more long-term.
Ready to refinance?
We handle the title work and closing on refinances every week. Get a quote in 24 hours.