Refinance Calculator

Breakeven months = closing costs ÷ monthly savings. It is the number of months you need to stay in the new loan before the cumulative monthly savings cover what you paid in closing costs. If the new payment is higher than the current one, there is no breakeven.

The calculator only compares principal and interest. It does not include taxes, insurance, PMI, or upfront points, and it assumes a fully amortizing fixed-rate loan on both sides. A longer new term often lowers the monthly payment but raises lifetime interest — both numbers are shown.

No. Closing costs are kept separate and only used to compute the breakeven month. If you would prefer to roll closing costs into the new loan, increase the new loan balance accordingly and rerun the comparison.