Refinance Calculator

Should you refinance? Calculate your break-even point, monthly savings, and total interest savings to make an informed decision.

Loan Details

Current Loan
New Loan

Analysis Results

Refinancing Makes Sense!
You'll break even in 18 months and save over $47K
Monthly Savings
$217
per month
Lifetime Savings
$47,120
total interest saved
Break-Even Point 18 months
Now 2 years 4 years 6 years
Side-by-Side Comparison
Current Loan New Loan
Monthly Payment $2,523 $2,306
Interest Rate 7.25% 6.25%
Loan Term 25 years 30 years
Total Interest $406,900 $359,780
Interest Savings $47,120
Summary
Closing Costs $7,000
Monthly Savings $217
Break-Even 18 months
5-Year Net Savings $6,020

When to Refinance

Consider these factors before making your decision.

The 1% Rule

Traditionally, refinancing makes sense if you can reduce your rate by at least 1%. However, even 0.5% can be worthwhile if you have a large loan balance.

How Long Will You Stay?

The break-even point is critical. If you plan to move before reaching it, refinancing may not be worth the closing costs.

Consider the Total Cost

A lower payment isn't always better. Extending your term from 20 to 30 years may lower payments but cost more in total interest.

Cash-Out vs. Rate-and-Term

A rate-and-term refinance focuses on savings. Cash-out refinancing adds to your balance, which may offset interest savings.

Thinking About Selling Instead?

If refinancing doesn't make sense, selling might. Save thousands on your home sale with our flat fee MLS listing service.

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