Jacksonville, FL · Refinance Calculator
Refinance Break-Even Calculator
A refinance pays off only after your monthly savings have repaid your closing costs. This calculator finds that month: enter your current loan, your current payment, a new rate and term, and your estimated closing costs, and it shows your new payment, your monthly savings, and how many months until the savings cover the costs.
Find your break-even month
Enter your numbers below. The example figures are already filled in so you can see how the math works, then replace them with your own. Douglas Wilkerson, Mortgage Broker / Branch Manager, reviews every result personally.
Enter the rate from a quote you’ve received — Douglas produces your exact rate on review.
Estimates only — not a rate quote or an approval. This calculator covers principal and interest only.
How to read your break-even
The break-even month is the point where your total monthly savings finally equal what you paid in closing costs. If you stay in the home longer than that, the refinance has paid for itself. If you move, sell, or refinance again before that month, the savings may never repay the costs — and the refinance may not be worth doing for savings alone.
That rule only covers savings. A shorter term or a cash-out refinance can still make sense even when there is no savings break-even, because the goal is different: building equity faster, or using home equity for another purpose. Judge those reasons on their own terms, not on this number.
What closing costs include in Florida
Closing costs are the one-time charges for setting up the new loan. In Florida they typically include lender fees, an appraisal, title search and title insurance, recording fees, prepaid interest, and escrow deposits for property taxes and homeowners insurance. Florida also charges documentary stamp taxes on the new mortgage. The total varies by loan size, lender, and county, so ask for an itemized Loan Estimate and enter that total here — this calculator uses one total figure, not a line-by-line breakdown.
When refinancing usually makes sense — and when it doesn’t
Refinance usually makes sense when
- Your new rate is enough lower that monthly savings repay the closing costs in a couple of years or less.
- You plan to stay in the home well past the break-even month.
- You want a shorter term and can comfortably handle the payment.
- You have a clear reason to change loan types, such as removing mortgage insurance.
Refinance usually doesn’t when
- The break-even month lands after you expect to move or refinance again.
- The savings are small and the closing costs are high.
- You would restart a 30-year clock and pay more total interest despite a lower payment.
- The main goal is cash out — that is a different comparison, and a HELOC may fit better.
Prefer the guided version?
Answer a few questions and get a guided recommendation instead of doing the math yourself.
Thinking about cash out instead?
Borrowing against your equity without replacing your whole mortgage works differently — compare it here.
Frequently asked questions
What is a refinance break-even point?
It is the month when your accumulated monthly savings equal your closing costs. Before that month you are still repaying the cost of refinancing; after it, the savings are yours to keep.
What if I move before the break-even month?
Then the refinance likely cost more than it saved you. If a move is likely within a few years, weigh that heavily — a no-closing-cost option or waiting may be better.
Do closing costs include prepaid taxes and insurance?
Sometimes. Some quotes bundle prepaids and escrow deposits into the total, and some do not. Ask for an itemized Loan Estimate so you know exactly which total you are entering here.
Does a lower rate always mean I should refinance?
No. If the rate drop is small, the monthly savings may be small too, and the break-even point can be years away. The size of the savings relative to the costs is what matters.
Should I take a shorter term even if the payment rises?
Sometimes. A shorter term builds equity faster and usually means far less total interest, but there is no savings break-even when the payment goes up. Decide on the total-interest and equity picture, not on monthly savings alone.
Is this a rate quote or an approval?
Neither. This is an estimate based on the numbers you enter. Douglas quotes your exact rate on review, and any loan is subject to credit review, verification, property eligibility, underwriting requirements, and final approval.
How this calculator works — revised November 2026
Your new payment uses the standard amortization formula: balance × monthly rate ÷ (1 − (1 + monthly rate)−term in months). Monthly savings equal your current principal-and-interest payment minus the new payment. The break-even point equals estimated closing costs ÷ monthly savings, shown to one decimal place. The calculator covers principal and interest only — property taxes, homeowners insurance, HOA dues, and mortgage insurance are not included unless they are part of the current payment figure you enter. Results are estimates only.
What clients say
You work directly with Douglas — no call center, no hand-offs.
“If you’re a veteran looking to buy a home, I can’t recommend Douglas highly enough. As a fellow Marine veteran, he truly understands every aspect of the VA home loan process and knows how to navigate it from start to finish. His knowledge, professionalism, and commitment to serving veterans are second to none.What really sets Douglas apart is that he’s much more than just a mortgage loan officer. He works seamlessly with your real estate agent to make sure everyone is aligned and the entire process runs smoothly. You never feel like you’re just another transaction.The best part is that once you become part of Douglas’s ecosystem, you never really leave it. He continues to be a trusted resource long after closing, providing guidance, connections, and support whenever you need it. It’s not just a mortgage—it’s a lifelong relationship and an incredible asset to have in your corner.If you’re looking for someone who genuinely cares about your success and has the expertise to get the job done right, Douglas is the person to call. Semper Fi!”
— Jason Haglund, July 31, 2026
Ready to see your real numbers?
Send your break-even result to Douglas Wilkerson, Mortgage Broker / Branch Manager, and he will review your numbers with you directly — no call center, no hand-offs.
Equal Housing Opportunity. Mortgage services are provided by Douglas Wilkerson, Branch Manager and Mortgage Broker with Edge Home Finance Corporation. Loan programs, rates, eligibility, underwriting guidelines and availability are subject to change. All applications are subject to credit review, verification, property eligibility, applicable underwriting requirements and final approval. This website does not constitute a commitment to lend or a guarantee of financing.