How is the New York refinance break-even calculated?

It divides your total closing costs by your monthly payment saving. Both payments are priced over the same remaining term using standard amortization, so for example $5,000 in costs and a $388 monthly saving breaks even in about 13 months.

What closing costs should I include for a New York refinance?

In New York, typical refinance costs include lender origination fees, appraisal, title insurance and settlement fees, recording fees charged by your county, and any prepayment penalty on your current loan. Add them all into the costs field for an accurate break-even.

When is refinancing not worth it in New York?

If you plan to sell or move out of your New York home before the break-even month, you will not recover the closing costs, so the refinance loses money. A small rate drop relative to the fees also rarely pays off.

Does this New York calculator account for resetting the loan term?

It compares your current rate and the new rate over the same remaining term, isolating the rate effect. Refinancing into a brand-new longer term can lower the monthly payment further but add years of interest, so weigh that separately.

Is my New York mortgage data sent anywhere?

No. Every figure you enter stays in your browser and nothing is uploaded to a server.

New York Mortgage Refinance Calculator

A New York mortgage refinance calculator that shows how many months it takes for a lower rate to recover the closing costs of refinancing your New York home loan, plus your monthly saving and lifetime interest saved over the remaining term.

How it works

The tool prices your current loan and the proposed new loan over the same remaining term using the standard amortization formula M = P · r ⁄ (1 − (1 + r)⁻ⁿ), where P is your balance, r is the monthly rate (annual rate ÷ 12 ÷ 100), and n is the number of months remaining. It computes the payment at your current rate and at the new rate, then:

monthly saving   = old payment − new payment
break-even months = closing costs ⁄ monthly saving
lifetime savings  = monthly saving × remaining months − closing costs

The break-even is rounded up to a whole month. If the new rate does not lower your payment, there is no saving and no break-even.

Example

A $480,000 New York balance with 30 years remaining, refinancing from 6.75% to 5.50% with $5,000 in closing costs:

Payment at 6.75%: about $3,113/month
Payment at 5.50%: about $2,725/month
Monthly saving: about $388
Break-even: $5,000 ÷ $388 = about 13 months
Lifetime savings over the remaining term: about $134,638

If you expect to keep the New York loan well beyond the 13-month break-even, the refinance puts you ahead; if you plan to sell sooner, it may not be worth it.

Notes

Estimate only — not financial or tax advice. Actual New York refinance costs, rates, and terms depend on your lender, credit, loan-to-value, and current market conditions. Verify figures with your county recorder and the New York Department of Banking/Insurance (or equivalent state regulator) and the Consumer Financial Protection Bureau (CFPB) before deciding. Everything runs in your browser.

New York Mortgage Refinance Calculator

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How it works

Example

Notes