If you plan on staying in your home for longer than 20 months it may be time to refinance. After 20 months you would breakeven (recover the closing costs of $5,650 from monthly interest savings) and save money over your current mortgage situation. Your monthly payment would drop from $2,133 to $1,889, putting $244 each month into your own pocket and you could save $45,218 in interest over the life of the loan.<table class='pure-table' role='grid'><tr><th></th><th scope="col">Current Mortgage</th><th scope="col">Refinance</th></tr><tr><td>Term</td><td>340</td><td>360</td></tr><tr><td>Payment</td><td>$2,133</td><td>$1,889</td></tr><tr><td>Breakeven</td><td>N/A</td><td>20 months</td></tr><tr><td>Total Interest</td><td>$410,109</td><td>$364,890</td></tr></table> <div id="chart1Container">Chart will load here</div> <script type="text/javascript"> <!-- var myChart1 = new FusionCharts( "MSColumn2D", "myChart1Id", "100%", "100%", "0", "1" ); myChart1.setXMLData("<chart showValues='1' showFCMenuItem='0' decimals='0' formatNumberScale='0' caption='Total Interest Paid' xAxisName='' numberPrefix='$' bgColor='FFFFFF' showBorder='1' borderColor='FFFFFF' borderThickness='1' canvasBgColor='ffffff' showAlternateHGridColor='0' plotGradientColor='' numberSuffix='' thousandSeparator=',' decimalSeparator='.'><categories><category label='' /></categories><dataset seriesName='Current' color='A3DBE8'><set value='410109.0' /></dataset><dataset seriesName=' Refinance' color='FED100'><set value='364890.0' /></dataset></chart>"); // --> </script> <table class='pure-table pure-table-bordered'><tr><th scope="col">Month</th><th scope="col">Current Interest Payment</th><th scope="col">Refinance Interest Payment</th><th scope="col">Cumulative Interest Savings</th></tr><tr><td role="rowheader" scope="row">1</td><td>$1,998</td><td>$1,713</td><td>$285</td></tr><tr><td role="rowheader" scope="row">2</td><td>1,996</td><td>1,711</td><td>571</td></tr><tr><td role="rowheader" scope="row">3</td><td>1,994</td><td>1,709</td><td>856</td></tr><tr><td role="rowheader" scope="row">4</td><td>1,992</td><td>1,707</td><td>1,141</td></tr><tr><td role="rowheader" scope="row">5</td><td>1,991</td><td>1,706</td><td>1,425</td></tr><tr><td role="rowheader" scope="row">6</td><td>1,989</td><td>1,704</td><td>1,710</td></tr><tr><td role="rowheader" scope="row">7</td><td>1,987</td><td>1,702</td><td>1,994</td></tr><tr><td role="rowheader" scope="row">8</td><td>1,985</td><td>1,701</td><td>2,279</td></tr><tr><td role="rowheader" scope="row">9</td><td>1,983</td><td>1,699</td><td>2,563</td></tr><tr><td role="rowheader" scope="row">10</td><td>1,981</td><td>1,697</td><td>2,847</td></tr><tr><td role="rowheader" scope="row">11</td><td>1,979</td><td>1,695</td><td>3,130</td></tr><tr><td role="rowheader" scope="row">12</td><td>1,977</td><td>1,693</td><td>3,414</td></tr><tr><td role="rowheader" scope="row">13</td><td>1,975</td><td>1,692</td><td>3,697</td></tr><tr><td role="rowheader" scope="row">14</td><td>1,973</td><td>1,690</td><td>3,980</td></tr><tr><td role="rowheader" scope="row">15</td><td>1,971</td><td>1,688</td><td>4,263</td></tr><tr><td role="rowheader" scope="row">16</td><td>1,969</td><td>1,686</td><td>4,546</td></tr><tr><td role="rowheader" scope="row">17</td><td>1,967</td><td>1,684</td><td>4,828</td></tr><tr><td role="rowheader" scope="row">18</td><td>1,965</td><td>1,682</td><td>5,110</td></tr><tr><td role="rowheader" scope="row">19</td><td>1,963</td><td>1,681</td><td>5,392</td></tr><tr><td role="rowheader" scope="row">20</td><td>1,961</td><td>1,679</td><td>5,674</td></tr></table>