Refinance Breakeven

Mortgage Refinancing Calculator

This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs.


Principal balance of your mortgage:
(call your mortgage lender and ask for the current payoff amount)
Monthly mortgage payment (principal & interest only):
Your mortgage's current interest rate:
Interest rate you will be refinancing at:
Number of years you will be refinancing for:
Your closing costs :
(Typically, # of points is "2" or dollar amount is .02 times the principal)
Would you like to finance the closing costs?
Your monthly payment if you refinance:
Monthly payment reduction:
# of months for interest savings to offset closing costs:
Interest you'll pay under your current payment plan:
Interest you'll pay under your refinanced payment plan:
This is how much interest you will save if you refinance:
Net refinancing savings (interest savings less closing costs):

This calculator and others on this site are provided without warranty regarding their accuracy or applicability to your individual circumstance. They are for your personal use and are not intended to replace professional financial advice.

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Downing-Frye Realty, Inc. is a Florida licensed real estate brokerage

3411 Tamiami TRL N #100 Naples, FL 34103
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