Mortgage Refinance Calculator
See if refinancing your mortgage could save you money. Compare your current payment to a new rate and find your break-even point.
How Is This Calculated?
This calculator compares your current mortgage payment with a new mortgage payment at a different rate and term. The break-even point is calculated by dividing your closing costs by the monthly savings. If you plan to stay in your home longer than the break-even period, refinancing is typically worthwhile.
Frequently Asked Questions
When should I refinance?
Generally, refinancing makes sense when you can lower your rate by at least 0.5-1%, plan to stay in the home past the break-even point, and have enough equity (typically 20%+).
What are typical closing costs for refinancing?
Closing costs typically range from 2-5% of the loan amount, or $3,000-$10,000 for most homes. This includes appraisal fees, title insurance, origination fees, and more.