TOOLS / REFINANCE
Refinance break-even
How long you have to stay for a refinance to have been worth doing.
The loan you have
The loan you are considering
Origination, appraisal, title, escrow, recording.
Break even after
1 yr 7 mo
Saving $219 a month against $4,200 of costs. If you sell before then, it cost you money.
Monthly
Payment now$1,327
New payment$1,108
Difference$219
If you roll the costs into the loanHigher balance, higher payment, no cash at closing$1,134
Over the life of it
Interest remaining on the current loan$250,069
Interest on the new loan$218,985
Difference$31,085
You are stretching a 27 year remaining balance back out to 30 years. The payment drops, but you restart the clock, and the lifetime interest number above is where that shows up. Lower payment and less interest are not the same thing.
Nothing here is a rate quote or an offer to lend. Closing costs vary by lender, and the only real comparison is two written loan estimates side by side.
This is a planning estimate, not an offer, an appraisal, a quote, or a commitment. Everything runs in your browser: no figure you type here is sent anywhere or stored. No rate, APR, or approval is offered or implied.