Refinance Break-Even Tool
In a fluctuating interest rate environment, “skipping a point” can save you thousands. However, refinancing isn’t free. You will likely pay 2% to 5% of the loan principal in closing costs.
How the Break-Even Point Works
The “Break-Even” point is the month where your accumulated monthly savings finally exceed the upfront costs you paid to get the new loan. If you plan to move before this date, do not refinance.
