Mortgage Refinance Break-Even Calculator
Compare your existing mortgage against a refinance offer — new payment, total closing costs, monthly savings and the months until you break even. Everything runs in your browser.
Break-even analysis waiting
Enter your loan details above — the results will update as you type.
New monthly payment
—
principal & interest
Monthly savings
—
current − new
Total closing costs
—
recover before savings begin
Break-even date
—
estimated
Interest saved
—
remaining interest, new vs current
Break-even progress — share of remaining loan life consumed before costs are recovered—
How this works & assumptions
This tool compares principal & interest (P&I) only. Property taxes, insurance and mortgage insurance are excluded because they do not change the payment comparison.
Monthly payment uses the standard amortization formula P × r ÷ (1 − (1+r)−n) where r is the monthly rate and n the remaining months.
Monthly savings = current payment − new payment.
Break-even = total closing costs ÷ monthly savings. It is the number of months until the accumulated savings repay what you paid to close. If a closing date is set, the tool also projects a calendar break-even date.
Benchmarks. The break-even figure is judged against the remaining life of the current loan: break-even within the first half of the loan is strong, within the whole remaining life is workable, and beyond the remaining life means the savings never catch up on paper.
Interest comparison. Remaining total interest is computed for each loan over its term. Extending the term (e.g. restarting at 30 years when 22 remain) can raise total interest even when the payment drops — the verdict flags that trade-off.
Estimates are illustrative. Confirm actual rates, fees and totals with your lender before deciding.