How this calculator works
Break-even months = closing costs ÷ monthly savings. If you will keep the loan longer than that, the refinance usually pays.
Loans this applies to
Home loan
Rate-and-Term Refinance
A rate-and-term refinance replaces your mortgage with a new one to change the rate, the term or the loan type, without taking cash out.
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Home loanCash-Out Refinance
A cash-out refinance replaces your current mortgage with a larger one and pays you the difference in cash, commonly up to 80% of your home’s value on a primary residence.
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FAQ
Is the Refinance Break-Even Calculator free?
Yes. It is free, needs no sign-up and does not check your credit.
How accurate is the Refinance Break-Even Calculator?
It uses the same formulas lenders use, but results are estimates. Your actual terms come from your Loan Estimate or term sheet.
Estimates only, for educational use. Not a loan offer or commitment to lend.