NYC mortgage planning · Break-even analysis
Refinance for a reason—not just a lower rate.
Compare your current mortgage with proposed new terms, then weigh the estimated monthly savings against the cost and time required to refinance.
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Mortgage refinance calculator
Compare the current loan with the proposed replacement.
Keep the existing calculator below unchanged. Test more than one rate, term and cost scenario, and confirm actual pricing with a licensed lender.
Important
This estimate is educational and is not a loan offer or disclosure. Actual APR, lender fees, appraisal, title, recording, escrow, tax and prepayment terms may change the economics. Request a current Loan Estimate before deciding.
Read the result correctly
A lower payment does not automatically mean a better loan.
Compare total cost and expected ownership horizon—not only the new monthly payment. Extending the term can reduce the payment while increasing lifetime interest.
Monthly change
Compare principal and interest under the current and proposed loans, using the same assumptions for taxes, insurance and other recurring costs.
Cash to refinance
Include lender, appraisal, title, recording and other transaction charges. “No-cost” refinancing may incorporate costs through rate or loan balance.
Break-even period
Estimate how many months of projected savings may be required to recover the upfront cost, then compare that period with how long you expect to keep the loan.
Frequently asked questions
NYC refinance questions, answered.
What is the refinance break-even point?
It is the approximate time required for projected monthly savings to recover the upfront refinancing cost. Divide estimated total cost by estimated monthly savings, while recognizing that actual cash flows and loan terms may differ.
Should I refinance only when the interest rate is lower?
No. The decision can also involve changing loan term, payment structure, risk exposure or access to equity. Compare the complete cost, APR, payment and expected holding period.
Does refinancing restart the loan term?
A new loan has its own amortization schedule. Selecting a longer new term may lower the payment but can extend repayment and increase total interest. Ask the lender to compare multiple terms.
Which costs should I include?
Planning should account for applicable lender charges, appraisal, title and settlement services, recording, taxes, escrow funding and any other transaction-specific fees disclosed by the lender.
Does the calculator show the rate I will receive?
No. Rates and fees depend on current markets, credit, equity, occupancy, property eligibility, loan size and lender pricing. Obtain personalized written estimates.
Financing meets property strategy