Refinance Breakeven Calculator
Enter your current mortgage and a refinance offer to see the new payment, monthly savings, breakeven month, and whether the lifetime numbers actually work in your favor.
Cumulative savings vs. closing costs
Side-by-side
- Current: months left
- 258 mo
- Current: remaining interest
- $313,070
- New: total interest over term
- $352,276
- New: total cost incl. closing
- $358,776
Methodology & how to use this
How breakeven is computed
The new monthly P&I uses the standard amortization formula on your current balance at the new rate and term. Monthly savings = current P&I − new P&I. Breakeven month = closing costs ÷ monthly savings.
Lifetime savings caveat
Comparing 20 years left on a current loan against a fresh 30-year refi isn't fully apples-to-apples — the refi stretches payments over more time. Lifetime savings here subtracts closing costs and total interest so you see the whole picture, but if you refi to reset the clock, the "savings" is really "paying less monthly for longer."
Keep running the numbers
Related calculators worth pairing with this one.
Mortgage Payment Calculator
Monthly P&I, taxes, insurance, HOA — plus total interest and payoff date.
OpenHome Affordability Calculator
Max home price you can afford at a given DTI — with the payment breakdown behind it.
Open
Debt Payoff Calculator
Avalanche vs snowball across all your debts — see the day each one dies.
Open