What this can show
Whether a refinance idea survives its own closing costs, and roughly how long it takes to come out ahead on payment. A short payback window is the safe one: you earn the costs back before life changes your plans.
Refinancing
When does a refinance pay for itself?
Every refinance has closing costs, so a lower payment is only half the story. This estimates your break-even point: how many months of savings it takes to earn those costs back.
All calculatorsYour numbers
Pull the current loan side from your latest statement. The new rate and closing costs are numbers you want to test.
What it can't decide
It compares payments, not lifetime interest, and it can't see escrow, payoff timing, or whether you qualify. Stretching back out to a longer term can lower the payment while increasing the total interest paid.
Best next step
This is exactly the math Rate Refresh runs on your actual loan every month, with me reading the result. And if another lender already quoted you, send me their cost sheet and I'll pressure-test whether the break-even holds up.
Don't babysit this math
Hand it to me instead.
Rate Refresh is a free monthly review of your actual loan. When the break-even starts looking reasonable, I reach out. Until then, you live your life.
Educational calculator disclaimer
Educational estimate only. This tool uses the numbers you enter, including any rates you estimate, which are not rates offered by Bay Capital Mortgage Corporation. Nothing here is a quote, an offer, an interest rate, an APR, a pre-approval, or a commitment to make a loan. Your actual numbers depend on full underwriting and credit approval.
Refinancing replaces your current loan with a new rate and term and may increase the total interest paid over the life of the loan. A longer new term can lower the payment but increase total interest. Figures are principal and interest only.