RefiEvens

Free tool · Updated September 2026 · Not a lender

Refinance break-even calculator

A lower payment is not a win until closing costs are gone. RefiEvens calculates break-even months and the interest you add back if the new loan resets to 30 years.

Run the calculator How the formula works
Costs ÷ savingsBreak-even in months
Term reset checkInterest left on both loans

Your numbers

Break-even results

Current P&I—
New P&I—
Monthly savings—
Break-even—
Interest left (current)—
Interest left (new)—
Interest difference—
Net if you stay as planned—

P&I only

Taxes and insurance stay out of the savings line so break-even is not inflated.

Term-reset check

A cheaper payment on a fresh 30-year can still raise lifetime interest.

Stay-or-sell test

If you move before break-even, the refinance is a fee, not a discount.

How to calculate refinance break-even

The standard mortgage refinance break-even point is total closing costs divided by monthly principal-and-interest savings. If fees are $6,000 and the new P&I is $225 lower, you recoup the friction in 27 months. Sell or refinance again before that date and you paid to change paperwork.

RefiEvens also estimates remaining interest on the current schedule versus the new schedule. That catches the common 2026 pitch: drop the rate, reset the clock to 30 years, and call the smaller payment a win.

What to type in the cost field

Use origination, points, appraisal, title, recording, and underwriting. Subtract lender credits. If you roll fees into the new balance, raise the balance by that amount so the new payment is honest. Details: refinance closing costs.

When the answer is usually no

Planning to sell within two years, chasing a 0.5% cut with $7,000 fees, or replacing a 22-year remaining loan with a new 30-year without looking at interest. A no-closing-cost refinance still has a cost: a higher note rate. Compare both quotes on the same stay horizon.

Mortgage refinance topics people search

Is refinancing worth it in 2026?Rate drop, PMI, stay horizon. HELOC vs cash-out refinancePull equity without resetting the first lien. 15-year vs 30-year refinancePayment vs total interest. Refinance closing costsWhat to count in break-even. No-closing-cost refinanceCredits vs a higher rate. Refinance if you plan to sellTwo-year stay test.

Also searched: mortgage refinance break-even point, refinance payoff calculator, should I refinance my mortgage, refinance for a 0.5% lower rate, roll closing costs into loan.