Refinancing changes the rate, term, or loan type on existing debt. Three high-traffic US scenarios—mortgage refinance, student loan refinance, and car lease buyout—share one question: will total savings beat fees before you exit the loan? Use the calculators below with your actual balances and closing costs.
Mortgage refinance break-even
Break-even months ≈ closing costs ÷ monthly payment savings. If you save $220/month and pay $4,400 in fees, you need 20 months in the home. Extending the term can lower the payment but add lifetime interest—compare total interest, not just the monthly number.
Student loan refinance
Private refinance can cut APR on federal or private loans but usually ends PSLF, IDR, and deferment options. Run savings only if you will not need those programs. Credit scores of 720+ often unlock the best rates.
Car lease buyout
At lease end you may buy the car at the residual (buyout price). Compare buyout to market value, then finance vs pay cash. A buyout below market can be a win; above market, walking away or negotiating may be better.
Checklist before you sign
Include all lender fees, appraisal, and third-party costs in break-even.
Match remaining years in the home or job stability to your payback horizon.
Get the new rate quote in writing—float risk matters on mortgages.