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Refinance Calculator
Compare your current loan to a new rate and see monthly savings and break-even.
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Lifetime interest difference
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Positive lifetime difference means the new loan costs more interest over its term (often because the term is longer). Negative means you pay less interest.
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FAQ
- When does refinancing a mortgage make sense?
- Refinancing can make sense when the new rate lowers your monthly payment enough to recoup closing costs before you sell or refinance again. Use the break-even months on this page as a starting point, then factor in how long you plan to keep the loan.
- How is refinance break-even calculated?
- Break-even is closing costs divided by monthly principal-and-interest savings. If you save $200 a month and pay $6,000 to close, break-even is 30 months. If the new payment is not lower, break-even is never.
- Do closing costs change the new monthly payment?
- Closing costs do not change the new PI payment unless you roll them into the loan balance. They do change how long it takes for the lower payment to pay for itself.
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