Calculate if refinancing your mortgage makes sense. Compare your current loan against a new rate and find your exact break-even point.
The break-even point is how long it takes for your monthly savings from a lower interest rate to equal the upfront closing costs you paid to get the new loan. If you plan to move before this date, refinancing is a bad idea.
If you have 20 years left on your current mortgage and refinance into a new 30-year term, you are adding 10 more years of interest payments. Even with a lower rate, you might pay more total interest over 30 years than you would over your remaining 20.
Rolling closing costs into the loan means you pay interest on those costs for the life of the loan. This calculator assumes you pay them upfront to find the true break-even time.
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