Refinance Savings Calculator
Real EstateCalculate your monthly savings and breakeven point from refinancing your mortgage to a lower rate.
Monthly Payment Savings
How much lower your monthly payment would be after refinancing.
Breakeven Point
24.5
Months until your monthly savings recoup the refinance closing costs.
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Creators
Odeh AhwalBased on 3 sources
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Calculator Stats
Creators
Odeh AhwalBased on 3 sources
0people find this calculator helpful
Views
Helpful
Saved
Embeds
Real Estate calculators
Frequently Asked Questions
How much should rates need to drop to make refinancing worth it?
A common rule of thumb is at least a 0.5-1 percentage point reduction, though the real answer depends on your breakeven point relative to how long you plan to stay in the home — if you'll move before breakeven, refinancing likely isn't worth it.
What counts as refinance closing costs?
Typical refinance closing costs include loan origination fees, appraisal fees, title insurance, and recording fees — commonly totaling 2-5% of the loan amount, though this varies by lender and location.
Does refinancing reset my loan term?
Yes, by default — refinancing into a new 30-year loan restarts your amortization clock, which can increase total lifetime interest paid even if your monthly payment drops, unless you choose a shorter term or make extra payments.
Sources
- Should I Refinance?, Consumer Financial Protection Bureau (CFPB)
- Cash-Out Refinance Transactions (Selling Guide, B2-1.3-03), Fannie Mae
- Refinance Trends, Freddie Mac
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