Refinancing $300,000 from 6.50% to 6.50%
Estimated monthly saving
$70
$1,967 → $1,896 · closing costs $7,500 · break-even 107 months
Monthly saving after refinancing
$70
$1,967 → $1,896 per month (principal & interest)
Closing costs$7,500
Break-even107 months
Interest left on current loan$337,199
Interest on new loan$382,633
Net result over 7 years−$1,581
Refinancing does not pay off within a reasonable window at these numbers (break-even 107 months). Try a bigger rate drop or lower closing costs.
Rate drop: 0.00%. Figures exclude escrow changes and any discount points.
What happens at nearby new rates
| New rate | Monthly saving | Break-even | Verdict |
|---|---|---|---|
| 6.25% | $120 | 63 mo | Marginal |
| 6.50% | $70 | 107 mo | Marginal |
| 6.75% | $21 | 360 mo | Marginal |
| 7.00% | -$29 | — | Marginal |
Choosing the new term
| New term | New P&I | Monthly change | Total interest |
|---|---|---|---|
| 15 years | $2,613 | +$647 | $170,398 |
| 20 years | $2,237 | +$270 | $236,813 |
| 30 years | $1,896 | −$70 | $382,633 |
FAQ
Is it worth refinancing $300,000 from 6.50% to 6.50%?
At these numbers it is marginal: the saving is $70 per month against about $7,500 of closing costs, so break-even is 107 months. Over 7 years the net result is -$1,581.
How much interest does refinancing save?
Your current loan has about $337,199 of interest left. The new 30-year loan carries about $382,633. On a pure interest basis the difference is $45,434 more — remember the new loan also restarts the term.
What if rates drop further?
Every extra 0.25% lower on the new rate adds roughly $49 per month in savings on this balance, which shortens the break-even window.