Calculator
Refinance breakeven
A new loan starts the clock again. See when a lower rate actually gets ahead of what refinancing costs.
Old payment (P&I)
New payment (P&I)
Monthly saving
Simple breakeven
Rate and APR
Old loan
rate / APR
New loan
rate / APR
The honest comparison
A new 30-year loan resets your amortization clock, so a "simple" breakeven can be misleading. This compares the interest left on your old loan for the years you chose against the interest plus costs on the new one.
Stay on old loan
Refinance
Cost over your years: old loan vs new loan
Refinancing pays off when the new loan's lower rate saves more than the closing costs and the reset clock cost you. Read more in refinancing too early and see how refinancing works.
Estimates only, from the numbers you enter. Not an offer of credit. Taxes, insurance and program rules vary. lowest.mortgage is not a lender.