Should you refinance? See your monthly savings, your breakeven month, and the honest long-term cost. Free, no sign-up.
Check my refinance math →Refinancing costs money — typically 2–5% of the loan in closing costs. Divide those costs by your monthly savings and you get your breakeven point: the month the refi starts actually saving you money. Stay in the home past breakeven, and the refi wins. Sell or refinance again before it, and you paid fees for nothing. Our calculator shows the exact month.
Here's what most refi calculators hide: dropping your payment by refinancing into a new 30-year term can quietly increase your total interest, because you're stretching the debt over more years. A lower rate on a shorter term (30 → 15) is the clean win. A lower payment via a longer runway is a trade-off — sometimes worth it for cash flow, but you should see the real cost before signing. We show both numbers honestly.
The classic threshold is a rate drop of 0.75–1%+ AND staying past your breakeven month. But the term matters as much as the rate — run the full comparison.
Typically 2–5% of the loan amount: lender fees, title, appraisal, and prepaid items. Our calculator uses your actual estimate.
Only with eyes open: it lowers the payment but restarts the interest clock. If you can afford the 15- or 20-year payment, the lifetime savings are usually dramatic.
Usually yes — but then you pay interest on them too, which pushes your breakeven later. The calculator's breakeven accounts for the costs either way.