Should you refinance? See your true break-even — not the naive one lenders show — plus the term-reset trap and the exact rate where a refi starts paying off. All math runs in your browser; your numbers never leave this computer.
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Your current loan required
Grab all three numbers from your latest statement. Use only the principal & interest part of the payment — leave out the escrow portion (taxes and insurance don't change when you refinance the loan itself). Assumes a fixed rate on both loans.
Not sure? Look it up free on Zillow or Redfin, then type the number here — this tool never sends your address (or anything else) anywhere.
The new loan required
Typical closing costs run 2–5% of the loan. A discount point is an upfront fee of 1% of the loan that "buys" a lower rate — enter the points here and the already-discounted rate above, and the break-even math weighs whether they were worth it.
Checking this is the fairest comparison: same money out of your pocket every month, so the lower rate shows up purely as a faster payoff and less interest — no payment-stretching illusion.
Your plans the deciding factor
This matters more than the rate. Closing costs are paid up front, but the savings trickle in monthly — if you sell or refinance again before the savings catch up, the refi loses money no matter how good the rate looked.
The verdict
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True break-even
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Saved by the time you sell
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Saved over the loan's life
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Current loan paid off
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New loan paid off
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Refi worth it below
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Why "true" break-even? (the honest math)
Most refi calculators divide closing costs by the monthly payment drop and call it break-even. That's misleading: a new 30-year loan almost always has a lower payment than a loan you're 6 years into — even at the same rate — because it stretches the debt back out. The payment drop isn't all savings; part of it is just slower payoff.
This tool compares your whole financial position instead, month by month: every dollar you'd pay under each loan plus the loan balance you'd still owe. The true break-even is the month the refi actually puts you ahead — cash and equity combined. That's the number that should drive the decision, and it's usually later than the naive one.
Are you ahead yet? — net benefit over time
Year by year
"Cash-flow saved" is simply how much less you paid that year under the new loan. "Net benefit" also counts the loan balances — it's your true running position, and it starts in the hole by exactly your closing costs.