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Dropping from 6.5% to 5.5% on $200,000 cuts the payment by $215 a month and breaks even in 14 months.
On a $200,000 balance with 25 years left at 6.5%, you are paying $1,350 a month. Refinancing into a 30-year loan at 5.5% brings that to $1,136 — a saving of $215 every month. Closing costs of $3,000 mean you are ahead after 14 months, so the move pays off if you stay in the house longer than that.
Watch the lifetime number as well as the monthly one. Restarting the clock at 30 years spreads the balance over longer, so total interest goes from $205,124 to $208,808. The calculator below is set to this scenario — change the new term to 25 years to keep your original payoff date, or enter the actual rate you were quoted.
Loan Benefit, Savings & Break-Even
Monthly Payment Savings
Net Lifetime Savings: $47,389 · Break-Even Period: 8 months
Monthly Payment Comparison
Total Interest & Cost Comparison
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From 6.5% with 25 years left, into a 30-year loan, with $3,000 in closing costs paid up front.
| New rate | New payment | Monthly saving | Break-even |
|---|---|---|---|
| 4.5% | $1,013 | $337 | 9 months |
| 5% | $1,074 | $277 | 11 months |
| 5.5% | $1,136 | $215 | 14 months |
| 6% | $1,199 | $151 | 20 months |
| 6.5% | $1,264 | $86 | 35 months |
Loan balances