Mortgage Tools
Refinance & Break-Even Calculator
A refinance only helps if you keep the loan long enough for the savings to cover the cost. Enter your current mortgage and a hypothetical new one to see your monthly change and the month your refinance pays for itself.
Your Current Loan
Use principal and interest only — leave out taxes and insurance.
Leave at $0 for a rate-and-term refinance.
The New Hypothetical Loan
Enter any rate you want to model. This is not an offered rate or a commitment to lend.
Lender fees, title, recording, and Florida taxes on new money borrowed.
Rolling costs in keeps cash in your pocket but raises the balance you pay interest on.
Estimated break-even
About 2.2 years of payments to recover $6,500 in costs
- Current payment (P&I)$2,210.00
- New estimated payment (P&I)$1,957.53
- Monthly savings$252.47
- New loan amount$326,500
- Cash needed at closing$0
- Interest left on current loan$475,812
- Interest over the new 30 years$378,212
Where you stand if you keep the loan
Cumulative savings minus the $6,500 cost of refinancing.
| If you keep the home | Payments saved | Net position |
|---|---|---|
| 1 year | $3,030 | -$3,470 |
| 2 years | $6,059 | -$441 |
| 3 years | $9,089 | +$2,589 |
| 5 years | $15,148 | +$8,648 |
| 7 years | $21,207 | +$14,707 |
| 10 years | $30,296 | +$23,796 |
Important: how a refinance break-even works Refinancing replaces your loan, so the costs are paid again. The break-even month is simply the point where your accumulated monthly savings equal those costs. Selling or refinancing again before that month means the savings never caught up. Resetting to a new 30-year term can also lower the payment while increasing total interest paid, so compare both the monthly number and the lifetime number.
When a refinance usually makes sense
When the payment drops enough to recover the cost well inside the time you plan to keep the home, when you are removing mortgage insurance, when you are leaving an adjustable or balloon structure, or when you are consolidating higher-cost debt with a clear plan.
Florida title re-issue credit
If you have a fairly recent owner's or lender's title policy, Florida title underwriters often allow a re-issue credit on the new lender's policy. Bring your prior policy to the table — it can meaningfully reduce refinance costs.
Intangible tax and new money
Florida's intangible tax and documentary stamps apply to the new mortgage. When the refinance is with the same lender, the tax generally applies only to new money borrowed above the existing balance, which is why cash-out costs more than rate-and-term.
What this calculator cannot tell you
It cannot tell you today's rates, your annual percentage rate, whether you qualify, your appraised value, or your final costs. Those require a full application, a value, and your Loan Estimate.
Educational Calculator Disclaimer
This calculator is provided for educational purposes only. Results are hypothetical estimates based on the figures you enter, reflect principal and interest only, and exclude taxes, insurance, and mortgage insurance. Nothing here is a loan estimate, pre-approval, quote, rate offer, or commitment to lend, and no annual percentage rate is shown. Actual payments, costs, savings, and loan terms depend on your credit, income, property value, loan program, and underwriting.
Should you refinance, or wait?
Send me your current statement and I will run the real comparison with you — including costs, timing, and whether waiting is the smarter move.
About the Author
Tanesha Tomlinson
Florida Mortgage Loan Advisor, Hometown Financial Group, LLC DBA Modus Mortgage
NMLS #1540854 · Company NMLS #1028232
Tanesha Tomlinson is a 24-year Florida mortgage industry expert who has originated over $100,000,000 in mortgages. She works with homebuyers, homeowners, and Realtor partners across South Florida, Broward County, Central Florida, and the Orlando area. Her focus is qualification, income calculation, loan programs, down payment assistance, and cash to close — explained plainly, with the numbers in front of you. As a licensed Florida Realtor® with United Realty Group, she also understands the property and contract side of the same purchase.
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Hometown Financial Group, LLC DBA Modus Mortgage · Company NMLS #1028232 · Tanesha Tomlinson NMLS #1540854 · Florida Real Estate License #SL3524613 (United Realty Group) · Equal Housing Lender. Licenses can be verified on NMLS Consumer Access and the Florida DBPR license portal. Content is educational only and is not a commitment to lend.
Last updated September 30, 2026
Information and tools on this website are educational only and should not be considered individualized financial, legal, or tax advice. Estimates are not a pre-approval, loan approval, or commitment to lend. Mortgage approval, rates, APRs, payments, taxes, insurance, closing costs, and loan terms are subject to borrower qualifications, property information, applicable loan-program requirements, and underwriting. This website disclaimer does not replace Modus Mortgage's official disclosures.
