Free tool

Refinance break-even calculator

Find how long it takes for monthly savings to repay the cost of refinancing.

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Current monthly payment ($)

New monthly payment ($)

Closing costs ($)

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How it works

Break-even months = closing costs divided by monthly savings, where monthly savings is the old payment minus the new payment. If you will move or sell before then, refinancing may not pay off.

FAQ

About this calculator

Is a lower payment always a saving?

Not if the new loan has a longer term. You can pay less each month and more in total interest. Compare total cost as well.

What counts as closing costs?

Fees to originate the new loan, such as lender, appraisal, title and recording charges. Your loan estimate lists them.

Does this include taxes?

No. It is a simple payback calculation for general information.

Is anything saved?

No. The math runs in your browser and nothing you enter is sent to us.

Is this a quote or advice?

No. It is a calculator for general information. Check results against your own figures before you rely on them.

Read the guide: Is Refinancing Worth It? Find Your Break-Even. Related: loan comparison calculator, business loan payment calculator. See all free tools. More free tools: What changed for 1099s, Inherited IRA 10-year rule checker, HSA and dependent care FSA limits, or see all free tools.

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