Understanding the Break-Even Point
When refinancing, you typically pay a one-time cost to cover lender, title transfer, and related fees. The break-even point is the number of months it takes for your monthly savings to equal the cost of refinancing.

Break-Even Point: 11 months

Much of the time, people refinance to lower their monthly payment. But you could also refinance with a higher monthly payment to pay off your loan faster. In that case, the break-even point is your overall savings at the end of the loan.