Refinancing $300,000 from 7.00% to 7.00%
Estimated monthly saving
$68
$2,063 → $1,996 · closing costs $7,500 · break-even 112 months
Monthly saving after refinancing
$68
$2,063 → $1,996 per month (principal & interest)
Closing costs$7,500
Break-even112 months
Interest left on current loan$368,556
Interest on new loan$418,527
Net result over 7 years−$1,827
Refinancing does not pay off within a reasonable window at these numbers (break-even 112 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 |
|---|---|---|---|
| 6.75% | $118 | 64 mo | Marginal |
| 7.00% | $68 | 112 mo | Marginal |
| 7.25% | $17 | 444 mo | Marginal |
| 7.50% | -$34 | — | Marginal |
Choosing the new term
| New term | New P&I | Monthly change | Total interest |
|---|---|---|---|
| 15 years | $2,696 | +$633 | $185,367 |
| 20 years | $2,326 | +$262 | $258,215 |
| 30 years | $1,996 | −$68 | $418,527 |
FAQ
Is it worth refinancing $300,000 from 7.00% to 7.00%?
At these numbers it is marginal: the saving is $68 per month against about $7,500 of closing costs, so break-even is 112 months. Over 7 years the net result is -$1,827.
How much interest does refinancing save?
Your current loan has about $368,556 of interest left. The new 30-year loan carries about $418,527. On a pure interest basis the difference is $49,971 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 $50 per month in savings on this balance, which shortens the break-even window.