See exactly how many months it takes for your monthly savings to offset refinancing closing costs — and whether the math makes sense for how long you plan to stay.
The break-even rule of thumb: refinancing makes financial sense if you'll stay in the home longer than the break-even period. For most homeowners, a 0.75–1% rate reduction with typical closing costs breaks even in 18–36 months. Resetting to a full 30-year term can lower payments but increases total interest paid — check the "lifetime interest saved" figure too.