Calculator · Florida
Refinance calculator
Break-even alone is a misleading number. Dropping your payment by stretching back to thirty years looks like a win and frequently costs more in total, so this shows the new rate on your current payoff schedule alongside it.
How do you calculate refinance break-even?
Divide your total closing costs by the monthly saving. If costs are $6,500 and the payment drops $289, break-even is roughly 23 months. Past that point the refinance is ahead — provided you still own the home, and provided the term has not been reset.
Change in monthly payment
$0
$0 today → $0 after refinancing
- Break-even—
- New loan amount$0
- Annual savings$0
Cumulative net savings after closing costs
Break-even divides your closing costs by the monthly saving. It ignores the fact that restarting a 30-year term re-front-loads interest — which is why the same-term comparison is shown alongside it. Actual costs depend on the lender, title company, state and county recording fees, and the appraisal.
Questions about this calculator
When is refinancing worth it?
When you will keep the home past the break-even month. Under three years is generally worth acting on. But a lower payment produced by restarting a 30-year term is not the same as a saving, which is why the same-term comparison sits next to it.
Does refinancing reset my loan term?
It does unless you choose a shorter one. Restarting a 30-year clock re-front-loads interest, so a lower monthly payment can still cost more overall. This calculator shows that difference explicitly.
Should I roll closing costs into the loan?
It preserves your cash but increases the balance and the interest you pay on it. The calculator models both, so you can see what the convenience actually costs over the life of the loan.
Where this applies
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