Refinance calculator
Monthly savings, break-even point on closing costs, and lifetime interest — the three numbers that actually decide whether refinancing is worth it.
You'll recoup the closing costs in 1 yr 3 mo. If you plan to stay in the home longer than that, refinancing is very likely worth it.
Balance over time
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| Year 1 | $3,857 | $19,413 | $316,143 |
| Year 2 | $4,099 | $19,171 | $312,044 |
| Year 3 | $4,356 | $18,914 | $307,688 |
| Year 4 | $4,629 | $18,641 | $303,059 |
| Year 5 | $4,920 | $18,351 | $298,139 |
| Year 6 | $5,228 | $18,042 | $292,911 |
| Year 7 | $5,556 | $17,714 | $287,354 |
| Year 8 | $5,905 | $17,365 | $281,449 |
| Year 9 | $6,275 | $16,995 | $275,174 |
| Year 10 | $6,669 | $16,601 | $268,505 |
| Year 11 | $7,087 | $16,183 | $261,417 |
| Year 12 | $7,532 | $15,738 | $253,885 |
| Year 13 | $8,005 | $15,266 | $245,881 |
| Year 14 | $8,507 | $14,764 | $237,374 |
| Year 15 | $9,040 | $14,230 | $228,334 |
| Year 16 | $9,608 | $13,663 | $218,726 |
| Year 17 | $10,210 | $13,060 | $208,516 |
| Year 18 | $10,851 | $12,419 | $197,665 |
| Year 19 | $11,532 | $11,739 | $186,133 |
| Year 20 | $12,255 | $11,015 | $173,878 |
| Year 21 | $13,024 | $10,246 | $160,854 |
| Year 22 | $13,841 | $9,429 | $147,013 |
| Year 23 | $14,709 | $8,561 | $132,304 |
| Year 24 | $15,632 | $7,638 | $116,672 |
| Year 25 | $16,613 | $6,658 | $100,060 |
| Year 26 | $17,655 | $5,615 | $82,405 |
| Year 27 | $18,762 | $4,508 | $63,643 |
| Year 28 | $19,939 | $3,331 | $43,703 |
| Year 29 | $21,190 | $2,080 | $22,513 |
| Year 30 | $22,513 | $751 | $0 |
How this is calculated
We compare your current loan's payment (on its remaining balance and term) against a new loan at the new rate and term. Break-even is closing costs divided by monthly savings — how many months until the savings repay what refinancing cost you. Lifetime interest change compares total remaining interest on the current loan against total interest on the new one.
Frequently asked questions
Is it worth refinancing my mortgage?
Generally yes if the break-even point (shown above) is shorter than how long you plan to stay in the home, and the new rate is meaningfully lower than your current one — typically at least 0.5–1 percentage point, though even smaller drops can help on larger loans.
What is the break-even point on a refinance?
It's how many months of monthly savings it takes to repay what you spent on closing costs. After that point, every month of the lower payment is pure savings. If you'll move or refinance again before then, it may not be worth it.
Should I roll closing costs into the new loan?
Rolling costs in avoids cash out of pocket, but you'll pay interest on those costs for the life of the loan, and there's no cash break-even to calculate since you never paid anything upfront. Paying cash usually saves more over time if you can afford it.
Does refinancing restart my loan term?
Yes, unless you choose a shorter new term. Refinancing into another 30-year loan after 5 years means paying interest over 30 more years, not 25. This calculator lets you compare terms to see the real tradeoff.