How to Calculate Refinance Savings (Break-Even)

Refinancing sounds great, but it usually comes with $3,000 to $6,000 in closing costs. If you move before you recoup those costs, you lose money.

The Pain of Resetting the Clock

If you are 7 years into a mortgage and refinance to a new 30-year loan, you are resetting the clock. You might lower your payment but pay more interest long term.

The Easy Way: The Refi-Analyzer

Our calculator highlights your monthly savings vs total closing costs to give you an exact "Break-Even Date."

Frequently Asked Questions

Closing costs?

Yes, usually 2-5% of the loan amount.