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See how long it takes to earn back the closing costs of a Texas refinance - and your total lifetime savings.
Your inputs
Break-even point
16 months
~1.3 years to recoup costs
Current monthly P&I
$2,032
New monthly P&I
$1,686
Closing paid in cash
Monthly savings
$346
Lifetime savings
$70,224
vs. keeping current loan
Alternative: roll closing costs into the loan
New payment if you finance the closing costs: $1,718 - no out-of-pocket cash, but slightly higher monthly payment and more total interest.
Break-even assumes you stay in the home and don't refinance again. Texas cash-out refinances are governed by Section 50(a)(6) and have a 2% fee cap on certain costs - confirm with a licensed Texas lender.
