Tools
Refinance break-even calculator
A refinance only pays off if you stay long enough. Compare the payment change with the closing costs and see the break-even point.
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- Current payment (P&I)
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- New payment (P&I)
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- Monthly change
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- New loan amount
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- Interest over new term
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Estimates only. A shorter new term can raise the payment even when the rate drops, and a new 30-year term can lower the payment while increasing total interest. Break-even counts closing costs only; it does not account for taxes, insurance or the time value of money.
Read the full refinance guide
What changes, what does not, and the local Michigan details that affect the math.
When to refinance