Calculate if refinancing your mortgage will save you money
Current Loan Details
New Loan Terms
Current Monthly Payment
$2025.62
New Monthly Payment
$1703.37
Monthly Savings
+$322.25
Break-Even Analysis
Break-Even Point
16 months
Closing Costs
$5000.00
Total Savings Over Loan Term
$-10525.68
Recommendation
Refinancing may not be beneficial based on your current inputs.
About Refinancing
- • Refinancing can lower your monthly payment or total interest paid
- • The break-even point is when your monthly savings equal your closing costs
- • Consider staying in your home past the break-even point to benefit from refinancing
- • A lower rate isn't always better if it extends your loan term significantly
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