Mortgage › Refinance
Refinance calculator: break-even and lifetime savings (2026)
Should you refinance? This compares your current payment and remaining interest with a new loan at today's rate (6.76% average), shows the monthly saving, how many months it takes to recover closing costs, and the lifetime difference — including the trap of resetting to a new 30-year term.
Your numbers
Result
Default rate: 6.76% on a 30-year fixed and 6.09% on a 15-year — the Freddie Mac PMMS national average as of 2026-09-10 (source). Updated automatically every Thursday. Your quote depends on credit score, points and lender.
Frequently asked
When does refinancing make sense?
When you will keep the loan longer than the break-even (closing costs ÷ monthly saving) and the lifetime saving is positive. Dropping from 7.5% to 6.25% on $300,000 saves about $315 a month and breaks even in 20 months on $6,000 of costs.
Why can lifetime savings be negative when the payment drops?
Restarting a 30-year term adds years of interest. Compare with a new term equal to your years left, or keep paying the old amount as extra principal.