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Refinance break-even

A lower payment is one part of the picture. Compare the costs, the debt still owed, and how long you expect to keep the loan.

Your numbers. Your pace.Nothing you enter is sent or saved.

Compare the two loans.

Enter your current loan and the new quote.

The loan you have

Use the unpaid principal from your current statement.

The current payment is estimated from this balance, rate, and remaining term. It may differ from your actual payment after extra principal payments or a loan modification.

The refinance quote

Use the interest rate, not APR.
Use costs net of lender credits. Exclude prepaid taxes, insurance, and escrow deposits. Enter zero if there are no costs.
How will you pay those costs?

Costs are paid upfront and included in the comparison.

Your holding point

The comparison is made just after that many monthly payments. Enter zero to compare the starting position.
What this comparison assumes

Both loans have fixed note rates and fully amortize. The current payment is recalculated from the remaining balance and remaining months; prior extra payments or modifications can make your actual scheduled payment different.

Payments begin one month from now on matching dates. There is no cash out, extra principal, prepayment penalty, interest-only period, or balloon. Financed closing costs increase the new principal. The final payment is capped at the amount owed, and payments stop after payoff.

Taxes, insurance, mortgage insurance, escrow deposits, payoff adjustments, tax effects, and the time value of money are excluded. Rates and costs come from your entries. No refinance availability or approval is implied.

For background: CFPB mortgage terms (opens in a new tab) and Freddie Mac on refinance planning (opens in a new tab).