Mortgage Refinance Calculator
Refinance Comparison
Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1]; Break-Even = Closing Costs / Monthly Savings
Frequently Asked Questions
When should I refinance my mortgage?
Refinancing typically makes sense when you can lower your rate by at least 0.5-1%, plan to stay in the home long enough to recoup closing costs (break-even point), and your credit score qualifies you for better rates.
What is the break-even point?
The break-even point is how many months of lower payments it takes to recover the closing costs of refinancing. After this point, you start saving money.
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