Refinance
Mortgage Refinance Calculator
Find your new payment, monthly savings, and exactly how many months it takes to break even on closing costs.
Current Mortgage
New Refinance Terms
Refinance Analysis
Refinancing makes sense. You break even in 22 months (1.8 years).
Current Payment
$2,586
New Payment
$2,212
Monthly Savings
$374
Break-Even
22 mo
Lifetime Savings (including closing costs)
-$28,465
Interest Savings (new vs current remaining)
$0
Get a Refi Quote
Compare Refinance Rates
Get real rate quotes from South Florida lenders, no commitment required.
How the refinance calculator works
This tool re-amortizes your balance at a new rate and term, then compares the new payment to your current one. The new payment uses M = P[r(1+r)^n] / [(1+r)^n-1]. Monthly savings is the old payment minus the new. Break-even is total closing costs divided by that monthly savings, which tells you how many months of lower payments it takes to recover what the refinance costs.
Say you owe $350,000 at 7.50% on a 30-year loan, a payment near $2,447. Refinancing to 6.25% over 30 years drops the payment to about $2,155, saving roughly $292 a month. With about $7,000 in closing costs, break-even is $7,000 divided by $292, or about 24 months. Stay past two years and the refinance pays for itself.
Break-even matters most for South Florida owners who move often or hold seasonal properties. Resetting to a fresh 30-year term also lowers the payment but stretches interest over more years, so compare lifetime cost, not just the monthly drop. If your goal is to reach a set payoff date, pair this with the payoff tool. Title, recording, and Florida stamp taxes belong in your closing-cost total.