Cost of Refinancing Mortgage Calculator
Use this **Cost of Refinancing Mortgage Calculator** to determine your actual cost savings, the monthly change in your payment, and most importantly, the crucial **Breakeven Point** to ensure refinancing is the right financial move for you.
Input Your Refinance Scenario
Refinancing Analysis: Breakeven Point Reached in 29 Months
Based on the default values, refinancing from 6.5% to 4.5% (20-year to 15-year term) with $5,000 in closing costs results in a monthly increase of **$367.62**. However, the long-term interest savings are substantial at **$66,971.21**. Your estimated **Breakeven Point is 29 months** (2 years and 5 months).
| Monthly Payment Change +$367.62 |
Breakeven Point 2 Years, 5 Months |
|---|---|
|
Old Payment: $2,234.33
New Payment: $2,601.95
|
Total Savings: $66,971.21
Cost to Break Even: $5,000
|
| Current Loan Baseline | New Refinanced Loan | |
|---|---|---|
| Loan Term | 20 years, 0 months | 15 years, 0 months |
| Monthly Payment | $2,234.33 | $2,601.95 |
| Total Payments Remaining | $536,239.20 | $468,351.00 |
| Total Interest Paid | $236,239.20 | $168,351.00 |
| **Net Interest Savings** | **$66,971.21** | |