Refinance Break-Even Calculator

Check how long payment reductions take to cover refinance fees, then inspect the wider cost comparison.

Your estimate

New monthly P&I: $2,013.14
Comparison monthly P&I: $2,160.66
Monthly payment reduction: $147.52
Simple payment break-even: 30.5 months
Interest and fee savings at horizon: $12,067.47
Comparison balance at horizon: $274,697.34
New balance at horizon: $270,521.75
New loan total interest: $283,942.15
Comparison total interest: $328,198.87

Refinanced loanOriginal loan

Starting values are illustrative, not live quotes. Simple break-even divides fees by the payment reduction; it is not an economic return. Horizon savings compare interest plus fees, including financed fees once, and exclude taxes, insurance, discounting and opportunity cost. Compare balances as well as payments.

Payment schedule

Payment schedule
Month	Payment	Principal	Interest	Balance
1	$2,013.14	$479.81	$1,533.33	$319,520.19
2	$2,013.14	$482.11	$1,531.03	$319,038.09
3	$2,013.14	$484.42	$1,528.72	$318,553.67
4	$2,013.14	$486.74	$1,526.40	$318,066.93
5	$2,013.14	$489.07	$1,524.07	$317,577.86
6	$2,013.14	$491.41	$1,521.73	$317,086.45
7	$2,013.14	$493.77	$1,519.37	$316,592.68
8	$2,013.14	$496.13	$1,517.01	$316,096.55
9	$2,013.14	$498.51	$1,514.63	$315,598.04
10	$2,013.14	$500.90	$1,512.24	$315,097.14
11	$2,013.14	$503.30	$1,509.84	$314,593.84
12	$2,013.14	$505.71	$1,507.43	$314,088.13
13	$2,013.14	$508.13	$1,505.01	$313,579.99
14	$2,013.14	$510.57	$1,502.57	$313,069.42
15	$2,013.14	$513.02	$1,500.12	$312,556.40
16	$2,013.14	$515.47	$1,497.67	$312,040.93
17	$2,013.14	$517.94	$1,495.20	$311,522.99
18	$2,013.14	$520.43	$1,492.71	$311,002.56
19	$2,013.14	$522.92	$1,490.22	$310,479.64
20	$2,013.14	$525.43	$1,487.71	$309,954.21
21	$2,013.14	$527.94	$1,485.20	$309,426.27
22	$2,013.14	$530.47	$1,482.67	$308,895.80
23	$2,013.14	$533.01	$1,480.13	$308,362.78
24	$2,013.14	$535.57	$1,477.57	$307,827.21
25	$2,013.14	$538.14	$1,475.01	$307,289.08
26	$2,013.14	$540.71	$1,472.43	$306,748.37
27	$2,013.14	$543.30	$1,469.84	$306,205.06
28	$2,013.14	$545.91	$1,467.23	$305,659.15
29	$2,013.14	$548.52	$1,464.62	$305,110.63
30	$2,013.14	$551.15	$1,461.99	$304,559.48
31	$2,013.14	$553.79	$1,459.35	$304,005.68
32	$2,013.14	$556.45	$1,456.69	$303,449.24
33	$2,013.14	$559.11	$1,454.03	$302,890.12
34	$2,013.14	$561.79	$1,451.35	$302,328.33
35	$2,013.14	$564.48	$1,448.66	$301,763.85
36	$2,013.14	$567.19	$1,445.95	$301,196.66
37	$2,013.14	$569.91	$1,443.23	$300,626.75
38	$2,013.14	$572.64	$1,440.50	$300,054.12
39	$2,013.14	$575.38	$1,437.76	$299,478.74
40	$2,013.14	$578.14	$1,435.00	$298,900.60
41	$2,013.14	$580.91	$1,432.23	$298,319.69
42	$2,013.14	$583.69	$1,429.45	$297,736.00
43	$2,013.14	$586.49	$1,426.65	$297,149.51
44	$2,013.14	$589.30	$1,423.84	$296,560.21
45	$2,013.14	$592.12	$1,421.02	$295,968.09
46	$2,013.14	$594.96	$1,418.18	$295,373.13
47	$2,013.14	$597.81	$1,415.33	$294,775.31
48	$2,013.14	$600.68	$1,412.47	$294,174.64
49	$2,013.14	$603.55	$1,409.59	$293,571.09
50	$2,013.14	$606.45	$1,406.69	$292,964.64
51	$2,013.14	$609.35	$1,403.79	$292,355.29
52	$2,013.14	$612.27	$1,400.87	$291,743.02
53	$2,013.14	$615.21	$1,397.94	$291,127.81
54	$2,013.14	$618.15	$1,394.99	$290,509.66
55	$2,013.14	$621.12	$1,392.03	$289,888.54
56	$2,013.14	$624.09	$1,389.05	$289,264.45
57	$2,013.14	$627.08	$1,386.06	$288,637.37
58	$2,013.14	$630.09	$1,383.05	$288,007.28
59	$2,013.14	$633.11	$1,380.03	$287,374.18
60	$2,013.14	$636.14	$1,377.00	$286,738.04
61	$2,013.14	$639.19	$1,373.95	$286,098.85
62	$2,013.14	$642.25	$1,370.89	$285,456.60
63	$2,013.14	$645.33	$1,367.81	$284,811.27
64	$2,013.14	$648.42	$1,364.72	$284,162.85
65	$2,013.14	$651.53	$1,361.61	$283,511.33
66	$2,013.14	$654.65	$1,358.49	$282,856.68
67	$2,013.14	$657.79	$1,355.35	$282,198.89
68	$2,013.14	$660.94	$1,352.20	$281,537.96
69	$2,013.14	$664.10	$1,349.04	$280,873.85
70	$2,013.14	$667.29	$1,345.85	$280,206.57
71	$2,013.14	$670.48	$1,342.66	$279,536.08
72	$2,013.14	$673.70	$1,339.44	$278,862.38
73	$2,013.14	$676.92	$1,336.22	$278,185.46
74	$2,013.14	$680.17	$1,332.97	$277,505.29
75	$2,013.14	$683.43	$1,329.71	$276,821.86
76	$2,013.14	$686.70	$1,326.44	$276,135.16
77	$2,013.14	$689.99	$1,323.15	$275,445.17
78	$2,013.14	$693.30	$1,319.84	$274,751.87
79	$2,013.14	$696.62	$1,316.52	$274,055.25
80	$2,013.14	$699.96	$1,313.18	$273,355.29
81	$2,013.14	$703.31	$1,309.83	$272,651.98
82	$2,013.14	$706.68	$1,306.46	$271,945.29
83	$2,013.14	$710.07	$1,303.07	$271,235.22
84	$2,013.14	$713.47	$1,299.67	$270,521.75
85	$2,013.14	$716.89	$1,296.25	$269,804.86
86	$2,013.14	$720.33	$1,292.81	$269,084.54
87	$2,013.14	$723.78	$1,289.36	$268,360.76
88	$2,013.14	$727.25	$1,285.90	$267,633.51
89	$2,013.14	$730.73	$1,282.41	$266,902.78
90	$2,013.14	$734.23	$1,278.91	$266,168.55
91	$2,013.14	$737.75	$1,275.39	$265,430.80
92	$2,013.14	$741.28	$1,271.86	$264,689.52
93	$2,013.14	$744.84	$1,268.30	$263,944.68
94	$2,013.14	$748.41	$1,264.73	$263,196.28
95	$2,013.14	$751.99	$1,261.15	$262,444.28
96	$2,013.14	$755.59	$1,257.55	$261,688.69
97	$2,013.14	$759.22	$1,253.92	$260,929.47
98	$2,013.14	$762.85	$1,250.29	$260,166.62
99	$2,013.14	$766.51	$1,246.63	$259,400.11
100	$2,013.14	$770.18	$1,242.96	$258,629.93
101	$2,013.14	$773.87	$1,239.27	$257,856.06
102	$2,013.14	$777.58	$1,235.56	$257,078.48
103	$2,013.14	$781.31	$1,231.83	$256,297.17
104	$2,013.14	$785.05	$1,228.09	$255,512.12
105	$2,013.14	$788.81	$1,224.33	$254,723.31
106	$2,013.14	$792.59	$1,220.55	$253,930.72
107	$2,013.14	$796.39	$1,216.75	$253,134.33
108	$2,013.14	$800.21	$1,212.94	$252,334.12
109	$2,013.14	$804.04	$1,209.10	$251,530.09
110	$2,013.14	$807.89	$1,205.25	$250,722.19
111	$2,013.14	$811.76	$1,201.38	$249,910.43
112	$2,013.14	$815.65	$1,197.49	$249,094.78
113	$2,013.14	$819.56	$1,193.58	$248,275.22
114	$2,013.14	$823.49	$1,189.65	$247,451.73
115	$2,013.14	$827.43	$1,185.71	$246,624.29
116	$2,013.14	$831.40	$1,181.74	$245,792.89
117	$2,013.14	$835.38	$1,177.76	$244,957.51
118	$2,013.14	$839.39	$1,173.75	$244,118.13
119	$2,013.14	$843.41	$1,169.73	$243,274.72
120	$2,013.14	$847.45	$1,165.69	$242,427.27
121	$2,013.14	$851.51	$1,161.63	$241,575.76
122	$2,013.14	$855.59	$1,157.55	$240,720.17
123	$2,013.14	$859.69	$1,153.45	$239,860.48
124	$2,013.14	$863.81	$1,149.33	$238,996.67
125	$2,013.14	$867.95	$1,145.19	$238,128.72
126	$2,013.14	$872.11	$1,141.03	$237,256.61
127	$2,013.14	$876.29	$1,136.85	$236,380.33
128	$2,013.14	$880.48	$1,132.66	$235,499.84
129	$2,013.14	$884.70	$1,128.44	$234,615.14
130	$2,013.14	$888.94	$1,124.20	$233,726.20
131	$2,013.14	$893.20	$1,119.94	$232,832.99
132	$2,013.14	$897.48	$1,115.66	$231,935.51
133	$2,013.14	$901.78	$1,111.36	$231,033.73
134	$2,013.14	$906.10	$1,107.04	$230,127.63
135	$2,013.14	$910.45	$1,102.69	$229,217.18
136	$2,013.14	$914.81	$1,098.33	$228,302.37
137	$2,013.14	$919.19	$1,093.95	$227,383.18
138	$2,013.14	$923.60	$1,089.54	$226,459.58
139	$2,013.14	$928.02	$1,085.12	$225,531.56
140	$2,013.14	$932.47	$1,080.67	$224,599.09
141	$2,013.14	$936.94	$1,076.20	$223,662.16
142	$2,013.14	$941.43	$1,071.71	$222,720.73
143	$2,013.14	$945.94	$1,067.20	$221,774.79
144	$2,013.14	$950.47	$1,062.67	$220,824.32
145	$2,013.14	$955.02	$1,058.12	$219,869.30
146	$2,013.14	$959.60	$1,053.54	$218,909.70
147	$2,013.14	$964.20	$1,048.94	$217,945.50
148	$2,013.14	$968.82	$1,044.32	$216,976.68
149	$2,013.14	$973.46	$1,039.68	$216,003.22
150	$2,013.14	$978.13	$1,035.02	$215,025.10
151	$2,013.14	$982.81	$1,030.33	$214,042.29
152	$2,013.14	$987.52	$1,025.62	$213,054.77
153	$2,013.14	$992.25	$1,020.89	$212,062.51
154	$2,013.14	$997.01	$1,016.13	$211,065.51
155	$2,013.14	$1,001.78	$1,011.36	$210,063.72
156	$2,013.14	$1,006.59	$1,006.56	$209,057.14
157	$2,013.14	$1,011.41	$1,001.73	$208,045.73
158	$2,013.14	$1,016.25	$996.89	$207,029.47
159	$2,013.14	$1,021.12	$992.02	$206,008.35
160	$2,013.14	$1,026.02	$987.12	$204,982.33
161	$2,013.14	$1,030.93	$982.21	$203,951.40
162	$2,013.14	$1,035.87	$977.27	$202,915.52
163	$2,013.14	$1,040.84	$972.30	$201,874.69
164	$2,013.14	$1,045.82	$967.32	$200,828.86
165	$2,013.14	$1,050.84	$962.30	$199,778.03
166	$2,013.14	$1,055.87	$957.27	$198,722.16
167	$2,013.14	$1,060.93	$952.21	$197,661.23
168	$2,013.14	$1,066.01	$947.13	$196,595.21
169	$2,013.14	$1,071.12	$942.02	$195,524.09
170	$2,013.14	$1,076.25	$936.89	$194,447.84
171	$2,013.14	$1,081.41	$931.73	$193,366.42
172	$2,013.14	$1,086.59	$926.55	$192,279.83
173	$2,013.14	$1,091.80	$921.34	$191,188.03
174	$2,013.14	$1,097.03	$916.11	$190,091.00
175	$2,013.14	$1,102.29	$910.85	$188,988.71
176	$2,013.14	$1,107.57	$905.57	$187,881.14
177	$2,013.14	$1,112.88	$900.26	$186,768.27
178	$2,013.14	$1,118.21	$894.93	$185,650.06
179	$2,013.14	$1,123.57	$889.57	$184,526.49
180	$2,013.14	$1,128.95	$884.19	$183,397.54
181	$2,013.14	$1,134.36	$878.78	$182,263.18
182	$2,013.14	$1,139.80	$873.34	$181,123.38
183	$2,013.14	$1,145.26	$867.88	$179,978.13
184	$2,013.14	$1,150.75	$862.40	$178,827.38
185	$2,013.14	$1,156.26	$856.88	$177,671.12
186	$2,013.14	$1,161.80	$851.34	$176,509.32
187	$2,013.14	$1,167.37	$845.77	$175,341.95
188	$2,013.14	$1,172.96	$840.18	$174,168.99
189	$2,013.14	$1,178.58	$834.56	$172,990.41
190	$2,013.14	$1,184.23	$828.91	$171,806.19
191	$2,013.14	$1,189.90	$823.24	$170,616.28
192	$2,013.14	$1,195.60	$817.54	$169,420.68
193	$2,013.14	$1,201.33	$811.81	$168,219.35
194	$2,013.14	$1,207.09	$806.05	$167,012.26
195	$2,013.14	$1,212.87	$800.27	$165,799.38
196	$2,013.14	$1,218.69	$794.46	$164,580.70
197	$2,013.14	$1,224.52	$788.62	$163,356.17
198	$2,013.14	$1,230.39	$782.75	$162,125.78
199	$2,013.14	$1,236.29	$776.85	$160,889.49
200	$2,013.14	$1,242.21	$770.93	$159,647.28
201	$2,013.14	$1,248.16	$764.98	$158,399.12
202	$2,013.14	$1,254.14	$759.00	$157,144.97
203	$2,013.14	$1,260.15	$752.99	$155,884.82
204	$2,013.14	$1,266.19	$746.95	$154,618.63
205	$2,013.14	$1,272.26	$740.88	$153,346.37
206	$2,013.14	$1,278.36	$734.78	$152,068.01
207	$2,013.14	$1,284.48	$728.66	$150,783.53
208	$2,013.14	$1,290.64	$722.50	$149,492.89
209	$2,013.14	$1,296.82	$716.32	$148,196.07
210	$2,013.14	$1,303.03	$710.11	$146,893.04
211	$2,013.14	$1,309.28	$703.86	$145,583.76
212	$2,013.14	$1,315.55	$697.59	$144,268.21
213	$2,013.14	$1,321.86	$691.29	$142,946.35
214	$2,013.14	$1,328.19	$684.95	$141,618.16
215	$2,013.14	$1,334.55	$678.59	$140,283.61
216	$2,013.14	$1,340.95	$672.19	$138,942.66
217	$2,013.14	$1,347.37	$665.77	$137,595.29
218	$2,013.14	$1,353.83	$659.31	$136,241.46
219	$2,013.14	$1,360.32	$652.82	$134,881.14
220	$2,013.14	$1,366.84	$646.31	$133,514.31
221	$2,013.14	$1,373.38	$639.76	$132,140.92
222	$2,013.14	$1,379.97	$633.18	$130,760.96
223	$2,013.14	$1,386.58	$626.56	$129,374.38
224	$2,013.14	$1,393.22	$619.92	$127,981.16
225	$2,013.14	$1,399.90	$613.24	$126,581.26
226	$2,013.14	$1,406.61	$606.54	$125,174.66
227	$2,013.14	$1,413.35	$599.80	$123,761.31
228	$2,013.14	$1,420.12	$593.02	$122,341.19
229	$2,013.14	$1,426.92	$586.22	$120,914.27
230	$2,013.14	$1,433.76	$579.38	$119,480.51
231	$2,013.14	$1,440.63	$572.51	$118,039.88
232	$2,013.14	$1,447.53	$565.61	$116,592.35
233	$2,013.14	$1,454.47	$558.67	$115,137.88
234	$2,013.14	$1,461.44	$551.70	$113,676.44
235	$2,013.14	$1,468.44	$544.70	$112,208.00
236	$2,013.14	$1,475.48	$537.66	$110,732.52
237	$2,013.14	$1,482.55	$530.59	$109,249.98
238	$2,013.14	$1,489.65	$523.49	$107,760.33
239	$2,013.14	$1,496.79	$516.35	$106,263.54
240	$2,013.14	$1,503.96	$509.18	$104,759.58
241	$2,013.14	$1,511.17	$501.97	$103,248.41
242	$2,013.14	$1,518.41	$494.73	$101,730.00
243	$2,013.14	$1,525.68	$487.46	$100,204.32
244	$2,013.14	$1,532.99	$480.15	$98,671.32
245	$2,013.14	$1,540.34	$472.80	$97,130.98
246	$2,013.14	$1,547.72	$465.42	$95,583.26
247	$2,013.14	$1,555.14	$458.00	$94,028.12
248	$2,013.14	$1,562.59	$450.55	$92,465.53
249	$2,013.14	$1,570.08	$443.06	$90,895.46
250	$2,013.14	$1,577.60	$435.54	$89,317.86
251	$2,013.14	$1,585.16	$427.98	$87,732.70
252	$2,013.14	$1,592.75	$420.39	$86,139.94
253	$2,013.14	$1,600.39	$412.75	$84,539.56
254	$2,013.14	$1,608.06	$405.09	$82,931.50
255	$2,013.14	$1,615.76	$397.38	$81,315.74
256	$2,013.14	$1,623.50	$389.64	$79,692.24
257	$2,013.14	$1,631.28	$381.86	$78,060.96
258	$2,013.14	$1,639.10	$374.04	$76,421.86
259	$2,013.14	$1,646.95	$366.19	$74,774.91
260	$2,013.14	$1,654.84	$358.30	$73,120.06
261	$2,013.14	$1,662.77	$350.37	$71,457.29
262	$2,013.14	$1,670.74	$342.40	$69,786.55
263	$2,013.14	$1,678.75	$334.39	$68,107.80
264	$2,013.14	$1,686.79	$326.35	$66,421.01
265	$2,013.14	$1,694.87	$318.27	$64,726.14
266	$2,013.14	$1,702.99	$310.15	$63,023.14
267	$2,013.14	$1,711.15	$301.99	$61,311.99
268	$2,013.14	$1,719.35	$293.79	$59,592.63
269	$2,013.14	$1,727.59	$285.55	$57,865.04
270	$2,013.14	$1,735.87	$277.27	$56,129.17
271	$2,013.14	$1,744.19	$268.95	$54,384.98
272	$2,013.14	$1,752.55	$260.59	$52,632.44
273	$2,013.14	$1,760.94	$252.20	$50,871.49
274	$2,013.14	$1,769.38	$243.76	$49,102.11
275	$2,013.14	$1,777.86	$235.28	$47,324.25
276	$2,013.14	$1,786.38	$226.76	$45,537.87
277	$2,013.14	$1,794.94	$218.20	$43,742.94
278	$2,013.14	$1,803.54	$209.60	$41,939.40
279	$2,013.14	$1,812.18	$200.96	$40,127.22
280	$2,013.14	$1,820.86	$192.28	$38,306.35
281	$2,013.14	$1,829.59	$183.55	$36,476.76
282	$2,013.14	$1,838.36	$174.78	$34,638.41
283	$2,013.14	$1,847.16	$165.98	$32,791.24
284	$2,013.14	$1,856.02	$157.12	$30,935.23
285	$2,013.14	$1,864.91	$148.23	$29,070.32
286	$2,013.14	$1,873.85	$139.30	$27,196.47
287	$2,013.14	$1,882.82	$130.32	$25,313.65
288	$2,013.14	$1,891.85	$121.29	$23,421.80
289	$2,013.14	$1,900.91	$112.23	$21,520.89
290	$2,013.14	$1,910.02	$103.12	$19,610.87
291	$2,013.14	$1,919.17	$93.97	$17,691.70
292	$2,013.14	$1,928.37	$84.77	$15,763.33
293	$2,013.14	$1,937.61	$75.53	$13,825.72
294	$2,013.14	$1,946.89	$66.25	$11,878.83
295	$2,013.14	$1,956.22	$56.92	$9,922.61
296	$2,013.14	$1,965.59	$47.55	$7,957.02
297	$2,013.14	$1,975.01	$38.13	$5,982.00
298	$2,013.14	$1,984.48	$28.66	$3,997.53
299	$2,013.14	$1,993.99	$19.15	$2,003.54
300	$2,013.14	$2,003.54	$9.60	$0.00

Updated September 9, 2026

How to use

Replace the example inputs with your loan and property figures.
Select Calculate to update the estimate and any schedule.
Change one assumption at a time, then compare the result with the earlier scenario.

How this calculation works

Simple break-even is transaction costs divided by the monthly principal-and-interest reduction. It is a cash-flow shortcut. The horizon comparison instead uses accumulated interest and fees so that a change in principal repayment is not mistaken for a borrowing-cost saving.

Simple months to recover fees = fees ÷ positive monthly payment reduction

Worked example

Illustrative inputs — not a quote or a local average.

Current principal balance: $320,000.00
Interest rate: 6.5 %
Years remaining: 25 years
New interest rate: 5.75 %
New loan term: 25 years
Transaction costs: $4,500.00
Finance closing costs: Pay in cash
Comparison period: 7 years

New monthly P&I: $2,013.14. Comparison monthly P&I: $2,160.66. Monthly payment reduction: $147.52.

Reading the result

Compare break-even with how long you expect to keep this specific loan, not merely the property. A future refinance also ends the time available to recover today’s costs. If the new payment is not lower, there is no positive payment-savings break-even even when another goal justifies refinancing.

Before acting on the estimate

The simple result assumes the initial payment difference continues. It becomes less useful when one loan ends earlier, fees are financed, or the terms differ greatly. Use the horizon interest and balance figures to examine those cases.