Refinance calculator
Break-even month, lifetime interest, and a straight point-buy-down comparison.
Current loan
$
%
yr
New loan
%
yr
$
Refinance analysis
Break-even month
Month 14
Strong refi: you break even in 14 months and save $37,951 over the life of the loan.
New payment
$1,970
vs $2,306 today
Monthly savings
$336
Lifetime savings
$37,951
Discount points comparison
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How this works
A mortgage refinance replaces your existing loan with a new one — usually at a lower rate — and pays for itself when accumulated monthly savings exceed the closing costs (the 'break-even month').
Break-even = closing costs ÷ monthly savings. If you'll keep the loan longer than that, the refi saves money.
Discount points. 1 point costs 1% of the loan and typically drops the rate about 0.25%. Points make sense on longer horizons because you're pre-paying interest.
Watch the term reset. Rolling a 27-year loan into a fresh 30-year lowers the payment but often raises lifetime interest — the lifetime savings figure catches this.