How much will I save refinancing $100,000 from 8% to 6.5%?

About $102 a month on a 30-year term, and $36,611 in lifetime interest compared with keeping the 8% loan for 30 years.

How long until I break even?

20 months on a 30-year term, assuming closing costs of 2% of the loan ($2,000).

What would a 15-year refinance at 6.5% cost?

$871 a month, $137 more than the current $734 payment, with $107,356 less lifetime interest.

What assumptions do these numbers use?

Principal and interest only, a current loan with 30 years remaining, and 2% closing costs paid separately. Taxes, insurance and mortgage insurance are excluded.

Can I get 6.5% today?

Rates depend on your credit, equity, loan type and lender. This page shows the math for that rate; it is not a quote. reficalculator.com is not a lender.

Refinance scenario

Refinancing a $100,000 mortgage from 8% to 6.5%

Refinancing $100,000 from 8% to 6.5% on a 30-year term saves about $102 a month, and with closing costs of 2% ($2,000) you break even in 20 months.

$100,000 with 30 years left at 8% (current payment $734), refinanced to 6.5%. Break-even uses 2% closing costs.
New term	New payment	Monthly savings	Lifetime interest difference	Break-even
30-year	$632	$102	$36,611 less	20 months
20-year	$746	−$12 (higher)	$85,218 less	n/a (payment rises)
15-year	$871	−$137 (higher)	$107,356 less	n/a (payment rises)

Is it worth it?

A break-even of 20 months is short. If you expect to keep the loan for at least two years, this refinance is likely to pay for itself, and every month after that is savings — about $4,102 net after five years.

Shorter terms raise the payment but cut lifetime interest sharply. Want the background? Read is it worth refinancing for 1%, or check your own costs with the break-even calculator.

Your refinance numbers

30-yr fixed avg 7.11% as of November 12, 2026

Source: Freddie Mac PMMS

Current loan balance

Current interest rate

New interest rate

New loan term

Years left on current loan (optional)

Take cash out (tap home equity)

New monthly payment

$632

Monthly savings$102

Lifetime interest savings$36,611

Break-even20 mo

Est. closing costs (2%)$2,000

At these numbers you break even in 20 months.

How we calculate this

Takes ~60 seconds. No credit check.

Estimates only. Default rates are Freddie Mac PMMS weekly averages — a national purchase-mortgage benchmark, not a local refinance quote. Payments are principal and interest only. reficalculator.com is not a lender or broker; see how we calculate.

Nearby balances

$150,000 from 8% to 6.5%

Other rate changes on $100,000

Frequently asked questions

How much will I save refinancing $100,000 from 8% to 6.5%?: About $102 a month on a 30-year term, and $36,611 in lifetime interest compared with keeping the 8% loan for 30 years.
How long until I break even?: 20 months on a 30-year term, assuming closing costs of 2% of the loan ($2,000).
What would a 15-year refinance at 6.5% cost?: $871 a month, $137 more than the current $734 payment, with $107,356 less lifetime interest.
What assumptions do these numbers use?: Principal and interest only, a current loan with 30 years remaining, and 2% closing costs paid separately. Taxes, insurance and mortgage insurance are excluded.
Can I get 6.5% today?: Rates depend on your credit, equity, loan type and lender. This page shows the math for that rate; it is not a quote. reficalculator.com is not a lender.