Compare your current mortgage against a refinanced loan to see how many months it takes to recoup closing costs and whether refinancing pays off.
Current Monthly Payment
$2,122
at 6.75% for 28 yrs
New Monthly Payment
$1,767
at 5.25% for 30 yrs
Monthly Savings
$355
Lower payment
Break-even Point
14 mo
Break-even in Years
1.1 yrs
Closing Costs
$4,800
Lifetime Interest Δ
-$76,963
Refinancing pays off in 14 months
You'll save $355/month, recouping your $4,800 in closing costs after about 1.1 years. Over the full term you'd save $76,963 in interest.
Cumulative Net Savings
Net savings after closing costs, shown over the first 10 years. The line crosses zero at your break-even point.