Enter your current loan, the new rate and the closing costs. See your break-even month: the point where your monthly savings have paid back what the refinance cost.
Current mortgage
$
$320k
%
8.00%
Years left times 12. For example, 27 years = 324 months.
New loan
%
7.28%
Starts at 7.28%, the Freddie Mac 30-year average for the week of Oct 1, 2026. Use the rate a lender quotes you.
360 months = 30 years, 180 = 15 years.
$
Fees for the new loan, often 2% to 5% of the balance.
More options
%
Leave at 0 if you take the standard deduction ($16,100 single or $32,200 married filing jointly for 2026), as most people do. If you itemize, enter your top tax bracket: less interest also means a smaller tax deduction, which trims your savings.
Results
Break-even point
Monthly savings
$0
Ahead after 5 years
$0
Savings minus closing costs
Ahead after 10 years
$0
Savings minus closing costs
Lifetime savings after costs
$0
If you keep each loan to the end
Current loan
Monthly payment
Rate
Interest still to pay
New loan
Monthly payment
Rate
Total interest
NowBreak-even
Payments are principal and interest only (no property tax or insurance). Closing costs are assumed to be paid up front.