Compare your current mortgage with a potential refinance to explore estimated payment changes, interest, and cost recovery.
Break-even is a simple closing-cost recovery estimate: closing costs divided by positive monthly principal-and-interest savings, rounded up to whole months. For financed costs, the new payment includes those costs. This estimate excludes time value of money, changes in loan balances, and additional interest on financed costs.
A lower payment can result from extending the loan term and may increase total interest. These estimates are not a recommendation to refinance. Discuss your options with a licensed mortgage professional.
Calculations are estimates for educational purposes only. They are not a loan offer, approval, commitment to lend, rate quote, or guarantee of savings. Actual rates, APR, closing costs, escrow amounts, mortgage insurance, loan terms, eligibility, and savings may vary. Taxes, insurance, escrow, HOA, and mortgage insurance are not included.