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Refinance break-even

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Find out how many months it takes for a lower mortgage rate to pay back the closing costs, and what you save if you stay.

How this calculator works

Refinancing replaces your mortgage with a new loan, usually to get a lower rate. You pay closing costs, often 2% to 5% of the loan, either upfront or rolled into the new balance. The break-even point is how long the monthly savings take to cover those costs. If you expect to stay in the home well past the break-even point, refinancing usually pays off. Watch out for resetting to a new 30-year term: the payment drops, but you may pay more interest overall.

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Disclaimer: These are ballpark estimates only. Real costs depend on your location, site conditions, materials, and the market. Get written quotes from licensed contractors and your lender before you set a budget.

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