The Refinance Break-Even calculator will take into consideration your monthly mortgage payment savings and how much you will pay in closing costs, and calculate how long it will take you to recoup your closing costs. This calculator will help you to decide whether it is worth it to refinance or not. For example, if the break-even on your refinance is four years, but you only intend on living in the home for another three years, then it is probably not beneficial to refinance because you will not recoup your costs prior to selling the home.

Refinance Breakeven Calculator Overview

The goal of most mortgage refinances is to lower the monthly mortgage payment, essentially saving you interest over the term of your mortgage. When you are considering refinancing your mortgage it is important to calculate how long it is going to take you to break-even or to recoup the amount of money that it costs you to refinance (closing costs). This is especially important to calculate if you do not plan on being in the home for an extended period of time.