Refinancing $750,000 from 7.50% to 7.50%
Estimated monthly saving
$161
$5,406 → $5,244 · closing costs $16,500 · break-even 103 months
Monthly saving after refinancing
$161
$5,406 → $5,244 per month (principal & interest)
Closing costs$16,500
Break-even103 months
Interest left on current loan$1,001,383
Interest on new loan$1,137,879
Net result over 7 years−$2,943
Refinancing does not pay off within a reasonable window at these numbers (break-even 103 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 |
|---|---|---|---|
| 7.25% | $289 | 58 mo | Marginal |
| 7.50% | $161 | 103 mo | Marginal |
| 7.75% | $32 | 510 mo | Marginal |
| 8.00% | -$98 | — | Marginal |
Choosing the new term
| New term | New P&I | Monthly change | Total interest |
|---|---|---|---|
| 15 years | $6,953 | +$1,547 | $501,467 |
| 20 years | $6,042 | +$636 | $700,068 |
| 30 years | $5,244 | −$161 | $1,137,879 |
FAQ
Is it worth refinancing $750,000 from 7.50% to 7.50%?
At these numbers it is marginal: the saving is $161 per month against about $16,500 of closing costs, so break-even is 103 months. Over 7 years the net result is -$2,943.
How much interest does refinancing save?
Your current loan has about $1,001,383 of interest left. The new 30-year loan carries about $1,137,879. On a pure interest basis the difference is $136,496 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 $128 per month in savings on this balance, which shortens the break-even window.