Calculators
Refinance Calculator — break-even, savings, and total interest
Compare your current loan to a refinance: new monthly payment, total interest, and the exact month you recoup closing costs.
When does a refinance pay off?
The Refinance Calculator compares your current loan to a new one and shows the month you recoup closing costs, your monthly savings, and total interest paid over the life of each loan. Use it to decide whether to refinance and which optimization to target — lowest monthly payment or lowest total interest paid.
Frequently asked questions
How is refinance break-even calculated?+
Break-even = total refinance closing costs ÷ monthly payment savings. If refinancing costs $5,000 and saves $250/month, you recoup in 20 months. The calculator computes this automatically.
Should I optimize for lower payment or lower interest?+
Lower payment maximizes monthly cash flow; lower total interest minimizes the cost of the loan over time, usually by keeping the original payoff date or shortening the term. Use the toggle to compare both.
Are refinance closing costs different from purchase?+
Refinance costs are typically lower than purchase because there's no real-estate agent commission, but they still include lender fees, title insurance, appraisal, and escrow setup — usually 2–4% of the loan amount.
Refinance Calculator
Monthly savings
$359
- Break-even
- 19 months
- New monthly P&I
- $2,380
- Current monthly P&I
- $2,739
- Lifetime interest savings
- $37,159
- Effective new term
- 30 yrs
- Cash out
- $0
Ready to get a refinance quote?
Get pre-qualified in about 8 minutes — no credit pull.
Results are estimates for comparison only. Actual rates, fees, and payments depend on your credit, lender, and market conditions. Not a commitment to lend.
Key facts
- What you'll see
- Monthly + lifetime savings
- Break-even
- Exact recoup month
- Optimize for
- Payment or total interest
- Best for
- Lower-rate environments
Loan program
Rate & Term Refinance
See full program details, eligibility, and benefits.