This is how many months it will take for your monthly savings to recoup the closing costs of refinancing.
Lifetime Interest Savings
The total amount of interest you'll save over the life of your new loan compared to your current loan, minus closing costs.
27 months
Time to Break Even
$53,441
Lifetime Interest Savings
Refinance Recommendation
Based on your inputs, refinancing appears to be a good financial decision. You will break even on your closing costs in 27 months and save $148 per month.