Refinance Break-Even Calculator
Compare the estimated monthly change with the cost of replacing your current loan.
A lower payment can be useful, but it does not tell the whole story. A new loan can change the balance, payoff date, mortgage insurance, cash available, and total interest. Break-even is the first comparison, not the final decision.
Find these numbers first
- The principal-and-interest part of your current payment.
- The proposed new loan amount, term, and interest rate.
- All costs paid in cash or added to the new balance.
- Mortgage insurance on the current and proposed loans, when applicable.
Your numbers
What goes here?
Use only the principal-and-interest part shown on your mortgage statement.What goes here?
Check your current mortgage statement — leave at 0 if you do not have mortgage insurance on your current loan.What goes here?
Your current payoff balance, plus any refinance costs you are rolling into the loan instead of paying in cash.What goes here?
This is a placeholder, not a live quote. Ask us for a current estimate, then update this field.What goes here?
If the new loan-to-value is under 80%, this is often $0. If not, a common illustrative range is roughly 0.5%-1.5% of the new loan amount per year, divided by 12.What goes here?
Include lender, title, and other transaction costs whether paid in cash or added to the balance. Do not include prepaid interest or new escrow.Estimated result
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Estimated months to recover the closing costs
| Monthly change | $0 |
| New estimated payment (P&I + MI) | $0 |
| Refinance costs to recover | $0 |
| Estimated total interest, new loan | $0 |
Educational estimate only. Not a loan approval, offer, rate quote, Loan Estimate, or commitment to lend.
A smaller payment can still extend the debt for years
Compare the current payoff date with the new payoff date. If the refinance adds years, test what happens when you keep paying the old amount or choose a shorter term. Use an actual Loan Estimate before deciding.
Learn what changes a mortgage rate or ask us to review the comparison.
When there is no simple break-even
If the new estimated payment is not lower, the calculator will not show a cost-recovery month. The refinance may still change the loan type or provide cash, but those goals need a fuller comparison. We can help separate the benefit you want from the cost of getting it.
Educational planning only. These tools do not provide a loan approval, offer, rate quote, Loan Estimate, or commitment to lend. Property costs, loan terms, and program rules must be confirmed for the person and property involved. Harry Protopappas, Mortgage Loan Originator, NMLS #2543750. NEXA Mortgage, LLC, NMLS #1660690. Licensed in California and Nevada. Equal Housing Lender.