How long will it take to break even on refinance costs?
You want to save money when you refinance your mortgage, but part of the decision is based on how long it takes you to break even on the expenses you'll incur. It depends on multiple factors, including your current interest rate, the new potential rate, closing costs and how long you plan to stay in your home. Use this calculator to sort through everything and determine if refinancing your mortgage is a good financial decision.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.