Refinance Break-Even Point Calculator
Want to know how long it takes to recoup refinance costs? The break-even point is when your savings equal the costs of the refinance. Simply enter your existing and new loan details to estimate the refinance savings and evaluate your financial goals.
New Monthly Payment
Number of months to break even
Frequently Asked Questions
There is no limit to how many times you can refinance your home. However, mortgage lenders may have a few rules based on when you took out your prior home loan, such as requiring a six-month waiting period.
Typically, any second mortgages are paid off through the refinance. Both loans are consolidated into one new first mortgage and you will only have one payment each month. If you prefer to keep your second mortgage intact, we may be able to ask your second mortgage lender to remain in the second position and allow us to refinance the first loan.
A cash-out refinance lets you access your home equity by replacing your existing mortgage with a new one that has a higher loan amount than what you currently owe. If you have enough equity in your home, cash-out refinancing can provide a low-cost way of meeting your objectives — home improvement projects, paying off high-interest credit cards, or other financial needs.