Refinance Break-Even Calculator
Calculate how many months it will take to break even on a mortgage refinance. Enter closing costs and monthly payment savings to see your break-even point.
Refinance Break-Even Calculator
Calculate how many months it will take to break even on a mortgage refinance. Enter your closing costs and compare your current and new monthly payments.
Understanding Refinance Break-Even
When refinancing a mortgage, you'll typically pay closing costs upfront. The break-even point is when your accumulated monthly savings equal the closing costs you paid. This calculator helps you determine:
- Your monthly savings by comparing your current and new mortgage payments
- How many months it will take to recover the closing costs through these savings
- Whether refinancing makes financial sense based on how long you plan to stay in the property
Rule of thumb: If you plan to stay in your home longer than the break-even period, refinancing could save you money. If you're planning to move or sell before breaking even, refinancing may not be worth the upfront costs.