U.S. Mortgage Index

U.S. Mortgage Index

Refinance Break-even Calculator

Compare your current mortgage with a proposed refinance and estimate how long it may take to recover upfront refinancing costs.

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Current mortgage

Use the balance and remaining term from your current mortgage information when available. This is not the original loan amount.

Entered by you. Annual note rate used for this comparison.

Optional cross-check from your statement. This comparison still uses the calculated payment unless you correct the inputs. Exclude escrow and other ownership costs.

Inclusive month when current mortgage insurance last applies. Leave blank to continue through the remaining term. Zero means no future PMI.

Proposed refinance

Entered by you. Annual note rate used for this comparison.

Inclusive. Leave blank to continue through the proposed term. Zero means no future PMI.

Proposed loan amount—

Derived from your current balance and the refinance adjustments shown.

Refinance costs

These are costs paid in cash that may need to be recovered through monthly savings for a simple break-even calculation. Prepaids and escrow funding are not treated the same as recoverable non-refundable fees.

Financed costs increase the new loan balance instead of being paid entirely in cash at closing.

Additional funds added to the new loan for the borrower.

This reduces the new loan amount. It is not a refinancing fee.

Estimate refinance cash to close

How long you expect to keep the loan

How long might you keep this mortgage?

This comparison uses 5 years. It is not a prediction of how long you will keep the loan.

Advanced adjustments

Signed amount added to the current unpaid balance when the proposed loan is built. Ordinary fields above stay non-negative.

Monthly payment comparison

There is no existing loan to replace, so a refinance comparison is not shown.

Estimate refinance cash to close

How this estimate works

The estimate compares the current and proposed mortgage payment schedules, including of each loan.

The monthly payment difference can change if mortgage insurance ends or the loans pay off at different times.

Cash-paid recoverable fees drive the simple break-even period. Financed fees increase the new loan balance rather than disappear.

The selected-time comparison includes remaining mortgage balance, payments made, and mortgage insurance where applicable.

Cash-out changes how comparable the two paths are, so a simple savings verdict is not shown.

The result is an estimate, not a recommendation to refinance.

Sources and definitions

Official sources

Refinance overview
CFPB refinance
Considering a refinance
CFPB should I refinance

Key terms