Refinancing $600,000 from 6.50% to 6.50%
Estimated monthly saving
$141
$3,933 → $3,792 · closing costs $13,500 · break-even 96 months
Monthly saving after refinancing
$141
$3,933 → $3,792 per month (principal & interest)
Closing costs$13,500
Break-even96 months
Interest left on current loan$674,399
Interest on new loan$765,267
Net result over 7 years−$1,663
Refinancing does not pay off within a reasonable window at these numbers (break-even 96 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% | $239 | 57 mo | Marginal |
| 6.50% | $141 | 96 mo | Marginal |
| 6.75% | $42 | 324 mo | Marginal |
| 7.00% | -$58 | — | Marginal |
Choosing the new term
| New term | New P&I | Monthly change | Total interest |
|---|---|---|---|
| 15 years | $5,227 | +$1,293 | $340,796 |
| 20 years | $4,473 | +$540 | $473,625 |
| 30 years | $3,792 | −$141 | $765,267 |
FAQ
Is it worth refinancing $600,000 from 6.50% to 6.50%?
At these numbers it is marginal: the saving is $141 per month against about $13,500 of closing costs, so break-even is 96 months. Over 7 years the net result is -$1,663.
How much interest does refinancing save?
Your current loan has about $674,399 of interest left. The new 30-year loan carries about $765,267. On a pure interest basis the difference is $90,868 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 $98 per month in savings on this balance, which shortens the break-even window.