Refinancing $750,000 from 6.50% to 6.50%
Estimated monthly saving
$176
$4,917 → $4,741 · closing costs $16,500 · break-even 94 months
Monthly saving after refinancing
$176
$4,917 → $4,741 per month (principal & interest)
Closing costs$16,500
Break-even94 months
Interest left on current loan$842,999
Interest on new loan$956,584
Net result over 7 years−$1,703
Refinancing does not pay off within a reasonable window at these numbers (break-even 94 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% | $299 | 56 mo | Marginal |
| 6.50% | $176 | 94 mo | Marginal |
| 6.75% | $52 | 317 mo | Marginal |
| 7.00% | -$73 | — | Marginal |
Choosing the new term
| New term | New P&I | Monthly change | Total interest |
|---|---|---|---|
| 15 years | $6,533 | +$1,617 | $425,995 |
| 20 years | $5,592 | +$675 | $592,032 |
| 30 years | $4,741 | −$176 | $956,584 |
FAQ
Is it worth refinancing $750,000 from 6.50% to 6.50%?
At these numbers it is marginal: the saving is $176 per month against about $16,500 of closing costs, so break-even is 94 months. Over 7 years the net result is -$1,703.
How much interest does refinancing save?
Your current loan has about $842,999 of interest left. The new 30-year loan carries about $956,584. On a pure interest basis the difference is $113,585 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 $123 per month in savings on this balance, which shortens the break-even window.