Should you refinance? Get a straight verdict, not just a payment.
Tell it how long you plan to keep the loan and it calls the play: ahead or behind at your horizon, with break-even, cash-out, closing cost choices, and the lifetime difference all in the math.
Not sure how many years are left? Enter this instead (principal and interest only, no taxes or escrow) and the years fill in automatically.
Your best guess. Selling or refinancing again stops the savings clock, so the verdict leans on this answer more than any other.
The verdict at your 10-year horizon
Makes sense: ≈ $2,299 ahead
$152/mo lower payment · break-even ~77 mo
True cost on each path: interest and fees, as if you settled the balance that month
- Break-even point
- ~77 months (6.4 yrs)
- Net at your horizon (10 yrs)
- +$2,299
- Over the full term (27 yrs left vs new 30-yr)
- −$34,168
- Payoff clock
- 27 yrs left today → 30 yrs after refi
Lower payment, but restarting the clock costs more in total. A shorter new term often fixes this — try 20 or 15 years.
New rate auto-fills from today's national conventional average (a benchmark, not a quote), and closing costs auto-estimate at 2% of your balance until you enter your own. The math compares true cost on each path over your horizon: payments and fees plus what you'd still owe, with cash out counted as money received. A cash-out that costs money isn't a failed refinance; the effective yearly rate is what to weigh against other ways to borrow. Not a loan offer.
Numbers look good? Make them real.
These are honest ballparks built on national averages. Your real quote comes from lenders competing for your actual file, and getting it costs nothing.
Straight answers
Why does the calculator ask how long I'll keep the loan?
Because that answer decides everything. Refinancing front-loads costs to buy monthly savings, so the same refinance can be a clear win for someone staying eight years and a clear loss for someone selling in two. The verdict compares total dollars on each path over your horizon, not just the payment.
Does it handle cash-out refinances?
Yes. Enter the cash you want to take out and it is added to the new loan, raises the new payment honestly, and counts as money in your pocket on day one. You see exactly what accessing that cash costs you over your horizon.
When does refinancing make sense?
When the savings outlast the cost. A refinance has closing costs, so the honest math is the break-even month: how long until the monthly savings have paid those costs back. If you will keep the loan well past that month, the move can make sense. If not, it usually does not, and we will tell you so.
What does a refinance cost?
Typically lender fees, title, appraisal, and prepaids, either paid at closing or rolled into the loan. Watch for quotes that hide costs in the rate or the balance. This calculator makes cost a visible input so the break-even math stays honest.
Is a lower payment always a win?
No. Stretching a loan you have paid for years back out to 30 can lower the payment while raising the lifetime cost. That is why this calculator shows total cost over the life of the loan, not just the monthly difference. Both numbers matter, and you should see both before deciding.
Two minutes. No obligation. Real numbers.
Get a real refinance quote and see if the break-even works in your favor.
Guthix Lending • NMLS# 2672037 · Calculator results are estimates for illustration only, based on your inputs and national average rates. They are not a quote, a pre-approval, or a commitment to lend. Your actual rate, payment, and eligibility depend on your full application, credit, and property. Not all borrowers will qualify.