Monthly payment
Principal and interest for a price, down payment, term and rate you choose, with taxes and insurance added where you know them.
Open the calculatorRefinance break-even
Refinancing costs money to arrange. This works out how many months the lower payment takes to cover that cost, so you can weigh it against how long you actually expect to keep the loan.
Enter your figures to see an estimate here.
- Time to cover the cost
- Change a month
These figures are estimates, worked out from the numbers you enter. They are not an offer of credit, a commitment to lend, or a rate lock. Your actual rate, payment and costs depend on a lender's review of your full application and on the property itself. Talk to us before you rely on anything here.
What it does
It divides the cost of refinancing by the amount the payment falls each month. If the new payment is not lower, it says so rather than showing a number, because there is nothing to recover.
Break-even is not the whole answer
A lower payment reached by starting a new thirty year term can cost more in total interest than the loan you already have, even though the monthly figure fell. Going the other way, a shorter term can raise the payment and still be the better decision.
So use the break-even point as one input, alongside how long you expect to stay and what the new term does to the total. We work through both with you.
Compare like with like
Use principal and interest for both payments, not the full amount including tax and insurance. Tax and insurance do not change because you refinanced, so leaving them in on both sides tells you nothing and leaving them in on one side is simply wrong. More about refinancing.
Home affordability
Works back from income, monthly debts and down payment to a price that fits, so you search with a number in mind.
Open the calculator
Start with a pre‑qualification request
Tell us what you want to do and where, and we come back with options compared across multiple wholesale lenders. A pre-qualification request starts it, and nothing is a commitment until a lender has reviewed your file.