Schedule & payoff

Break-even

Also known as: break even period, refinance break-even

How long it takes for monthly savings to recover cash closing costs.

Break-even estimates how many months of payment savings are needed to offset closing costs paid in cash. If costs are rolled into the loan, there may be little or no cash break-even, but the higher balance can raise interest over time. Break-even is an educational estimate based on your inputs-not a guarantee you should refinance.

See also