Calculator 04 · illustrative
When does a refinance pay back?
The month the savings clear the costs, plotted as a cumulative curve, plus what restarting the term does to total interest.
The only number that matters
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Cumulative net position
Net positionBreak-even monthWhen you expect to sell
What restarting the clock costs
| Payment | Total interest | Paid off in |
|---|
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Illustrative only. No rate on this page is available anywhere and no result is a quote, an approval or a commitment. Defaults are round numbers chosen so the arithmetic is legible, not figures anybody is offering. Taxes, insurance, association dues and mortgage insurance vary enormously between towns, buildings and lenders.
Assumptions on this page: both loans are fixed-rate, no overpayments are made on either, and closing costs are either paid at closing or added to the new balance exactly as you set. The break-even ignores the time value of money and any tax treatment of interest, both of which move the answer somewhat and neither of which a website can model for you.
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