Refinance Savings Calculator
Enter your current loan details and a new rate to see your monthly savings, break-even point, and lifetime savings.
Today's 30-year refi rate: 6.900% · Use the quick-fill buttons below to auto-fill the new rate.
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Enter your loan details and click Calculate
See your monthly savings and break-even point instantly
How the Break-Even Calculation Works
Break-even months = Closing Costs ÷ Monthly Savings
Example: $5,000 closing costs ÷ $200 monthly savings = 25 months to break even.
If you plan to stay in your home longer than the break-even point, refinancing makes financial sense.
If break-even exceeds 120 months (10 years), we flag it as potentially not worth it for most homeowners.
When Does Refinancing Make Sense?
- ✅ Your new rate is at least 0.5% lower than your current rate
- ✅ You plan to stay in the home past the break-even point
- ✅ Your credit score has improved since your original loan
- ✅ You want to switch from an ARM to a fixed rate
- ✅ You want to access equity through cash-out refinancing
- ✅ You can reduce your loan term without breaking the budget
💡 Pro Tip: No-Closing-Cost Refinancing
Some lenders offer no-closing-cost refinancing by rolling fees into the loan or accepting a slightly higher rate. This eliminates upfront costs and can be ideal if you're uncertain how long you'll stay in the home. Use the calculator above with $0 closing costs to see if this makes sense for you.