How this calculation works
This calculator computes exact monthly savings by comparing your current monthly principal and interest payment against the new loan amortized over your chosen term. Simple break-even is the number of months of payment savings needed to recover all closing costs.
Resetting the amortization clock: If you have already paid down your existing mortgage for several years, refinancing into a new 30-year loan lowers your monthly payment but may increase total interest paid over the life of the loan. Review the total lifetime interest row in the table above before deciding.
New York Mortgage Recording Tax and CEMA: New York State imposes a mortgage recording tax (0.75% statewide plus county/city taxes, reaching 1.05% to 1.30% in NYC). On a refinance, a Consolidation, Extension, and Modification Agreement (CEMA) assigns your existing mortgage to the new lender so recording tax is only owed on any new cash-out amount. Ask your closing attorney or settlement agent about CEMA eligibility.
Disclaimer: A planning estimate based on your inputs and the assumptions shown. Actual costs and eligibility may differ. Not an offer of credit, pre-approval, or financial, tax, or legal advice.