Refinance Break-Even Calculator
See how many months it takes for monthly savings to repay your prepayment penalty and refinancing costs.
Break-even
33.7 months (2.8 years)
Saving $297/mo after refinance.
A general rule: refinance only if you'll stay in the home (or hold the mortgage) longer than the break-even period. Get a quoted penalty from your lender — IRD calculations vary.
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