Refinance Break-Even Calculator for Tennessee
How long until your monthly savings recoup the closing costs of refinancing? This calculator tells you whether refinancing makes financial sense for your timeline.
Your current loan
Current loan balance$280,000
Current interest rate7.5%
Remaining term27 years
New loan
New interest rate6.75%
New loan term30 years
Estimated closing costs$6,000
Analysis
Break-even point
30 months
(2.5 years)
Current monthly payment (P&I)$2,018
New monthly payment (P&I)$1,816
Monthly savings$202
Total savings (over new term)$-5,937
Moderate case for refinancing
You'll recoup closing costs in 2.5 years. Refinancing makes sense if you plan to stay longer than that.
Get an actual rate quote
This calculator uses estimated rates. Morgan Hardy can provide an actual refinance rate quote so you can run the break-even analysis with real numbers.
Get a Rate Quote