Is refinancing worth it? Find your break-even month, true PITI savings, and lifetime interest difference — all in one place.
These are added to both payment estimates so you see the real all-in cost, not just principal & interest.
Enter your original loan details and your lender's new rate offer. The calculator estimates your remaining balance automatically, or you can paste the exact figure from your latest mortgage statement. Add closing costs as either a dollar amount or a percentage, then include property taxes and insurance for a true PITI comparison.
The break-even point is how many months it takes for your cumulative monthly savings to equal the upfront closing costs. If you refinance and save $200/month with $6,000 in closing costs, your break-even is 30 months. If you plan to stay in the home longer than that, refinancing likely makes financial sense.
Closing costs on a refinance typically run 2–5% of the loan balance and include lender fees, title search, appraisal, and prepaid items. On a $350,000 balance, that's $7,000–$17,500. Some lenders offer "no-closing-cost" refinances that roll fees into a higher rate or the loan balance — neither is free, they just change when you pay.
A 15-year refinance saves a massive amount of interest and builds equity faster, but the monthly payment is significantly higher. A 30-year refinance lowers your payment but resets your amortization clock — you could end up paying more total interest even at a lower rate if you've already paid years into your current loan.
There's a temporary small dip from the hard credit pull (typically 5–10 points). If you shop multiple lenders within a 45-day window, it counts as a single inquiry. The impact is minor and fades quickly.