See how much a refinance lowers your monthly payment and how many months it takes to recoup closing costs. Enter your current loan and the new rate and term to find your break-even point.
When the monthly savings recoup your closing costs before you sell or refinance again — the break-even point this tool calculates. A rate drop of 0.5–1% is a common rule of thumb.
A new 30-year loan restarts the clock, which can raise lifetime interest even at a lower rate. This tool shows both the monthly savings and the lifetime effect.