Could You Be Saving More Each Month?
Enter your current loan details and a new rate to instantly see your potential monthly savings, break-even point, and lifetime interest reduction.
Your Current Loan
New Refinance Loan
Refinancing Looks Worthwhile
You'll recoup closing costs in 15 months and save over the life of the loan.
Monthly Savings
+$357
per month
Break-Even Point
15 mo
~1.3 years
Current Monthly
$2,447
@ 7.500%
New Monthly
$2,091
@ 6.250%
Estimated Lifetime Interest Savings
+$35,269
After closing costs of $5,000
When Does Refinancing Make Sense?
Rate Drop of 0.5%+
A rate reduction of at least half a percent typically generates enough monthly savings to justify closing costs within 2–3 years.
You Plan to Stay 3+ Years
Refinancing only pays off if you keep the loan long enough to pass the break-even point. Short-term owners often don't recoup closing costs.
Switching Loan Types
Moving from an ARM to a fixed rate, or from FHA (with MIP) to conventional, can save money even without a significant rate drop.