Finance
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FAQs
How do I know if refinancing is worth it?
If you expect to keep the loan longer than your break-even period and terms are favorable, refinancing can provide net savings.
How to Use the Refinance Break-even Calculator
- Enter current monthly payment.
- Enter estimated refinanced monthly payment.
- Enter refinance closing costs.
- Review break-even timeline in months and years.
Break-even Formula
Monthly Savings
Savings = Current payment - New payment
Break-even Months
Break-even = Closing costs / Monthly savings
Use Cases
Rate-drop decision
Assess whether a lower rate justifies closing costs.
Move timeline
Avoid refinancing if you will sell before break-even.
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