Mortgage Refinance Calculator
Evaluate whether refinancing your mortgage makes financial sense. Compare your current loan terms with a new refinanced loan to see monthly savings, total savings over the life of the loan, and how many months until you break even on closing costs.
Mortgage Refinance Calculator
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FAQ
When should I refinance my mortgage?
Refinancing typically makes sense when you can lower your interest rate by at least 0.5-1%, plan to stay in your home beyond the break-even point, and the closing costs are reasonable relative to your monthly savings.
What is the break-even point?
The break-even point is the number of months it takes for your monthly savings to equal the closing costs of refinancing. After this point, you start saving money. If you plan to sell before break-even, refinancing may not be worthwhile.
What are typical closing costs for refinancing?
Closing costs for refinancing typically range from 2-5% of the loan amount. They include appraisal fees, title insurance, origination fees, and other charges. Some lenders offer no-closing-cost refinances with slightly higher rates.