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Housing decision tool

When does a refinance pay for itself?

Compare the monthly principal-and-interest payment at your current rate with a new rate, then see how long it takes the savings to cover closing costs.

A quick break-even check Both payments use the new term you enter so the interest-rate change is compared on equal footing.

Enter the loan details

Use principal and interest only. Taxes, insurance, and HOA dues are not included.

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Include lender and third-party fees you will pay.

Your result will appear here

Enter all five figures to compare payments and find the break-even point.

Plain-English verdict

Payment at current rate —
Payment at new rate —
Monthly savings —
Break-even point —

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Last reviewed: October 2026.