Finance
What Happens If You Refinance Your Mortgage and Save $200/Month?
The Answer
Break even in 20 months
The Full Picture
If refinancing saves you $200/month with $4,000 in closing costs, you break even in 20 months. After that, it's pure savings. Over the remaining 25 years of your mortgage, you save $60,000 minus closing costs — a $56,000 net gain for paperwork that takes a few weeks.
By the Numbers
Monthly savings$200
Closing costs$4,000
Break-even point20 months
25-year savings (net)$56,000
Change the numbers
These numbers are just a scenario. Use our Mortgage Calculator to see what your specific situation looks like.