Refinancing $600,000 from 7.00% to 7.00%
Estimated monthly saving
$135
$4,127 → $3,992 · closing costs $13,500 · break-even 100 months
Monthly saving after refinancing
$135
$4,127 → $3,992 per month (principal & interest)
Closing costs$13,500
Break-even100 months
Interest left on current loan$737,112
Interest on new loan$837,053
Net result over 7 years−$2,154
Refinancing does not pay off within a reasonable window at these numbers (break-even 100 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% | $235 | 58 mo | Marginal |
| 7.00% | $135 | 100 mo | Marginal |
| 7.25% | $34 | 400 mo | Marginal |
| 7.50% | -$68 | — | Marginal |
Choosing the new term
| New term | New P&I | Monthly change | Total interest |
|---|---|---|---|
| 15 years | $5,393 | +$1,266 | $370,735 |
| 20 years | $4,652 | +$525 | $516,430 |
| 30 years | $3,992 | −$135 | $837,053 |
FAQ
Is it worth refinancing $600,000 from 7.00% to 7.00%?
At these numbers it is marginal: the saving is $135 per month against about $13,500 of closing costs, so break-even is 100 months. Over 7 years the net result is -$2,154.
How much interest does refinancing save?
Your current loan has about $737,112 of interest left. The new 30-year loan carries about $837,053. On a pure interest basis the difference is $99,941 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 $100 per month in savings on this balance, which shortens the break-even window.