Refinance Breakeven Calculator
Find out how long it takes for a refinance to pay for itself. Best suited for a VA IRRRL (streamline refinance), where the new loan amount is close to your current balance. For a cash-out refinance — where the new loan is larger — contact Gene for a personalized analysis.
VA IRRRL note: The VA requires the new rate to be lower than the current rate (with limited exceptions for ARM-to-fixed conversions). The loan must also pass the VA's recoupment test — closing costs must be recouped within 36 months for most veterans.
Current Loan
New Loan
Results
Current Payment
$1,987.72
New Payment
$1,693.22
Monthly Savings
$294.50
Break-Even Point
16 mo
1 yr 4 mo
Net 5-Year Savings
$13,169.79
after closing costs, if you keep the loan 5 years
Thinking about a VA IRRRL or cash-out refi?
Gene can review your current loan and get actual lender quotes.
Results are estimates only and do not constitute a loan offer or commitment to lend. Actual savings depend on final loan terms offered by your lender. VA IRRRL eligibility is subject to VA and lender requirements. Gene Richter, MLO NMLS #2806488 | PBT Bancorp NMLS #257781.