Current Loan
$
%
$
49 months
Estimated based on your balance, interest rate, and payment. New Loan
$
%
months
Current Loan
Monthly Payment
$742
Total Interest
$5,891
New Loan
Monthly Payment
$705
Total Interest
$3,524
You could save $37 per month and $2,066 overall by refinancing.
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.