Mortgage Refinance Calculator

Refinancing typically makes sense when you can lower your rate by at least 0.5–1%, you plan to stay in the home past the break-even point (usually 2–4 years), and your credit score qualifies you for the new rate. Also consider cash-out refinancing for home improvements.

The break-even point is how many months it takes for your monthly savings to recover the closing costs. If closing costs are $5,000 and you save $200/month, break-even is 25 months. If you move before then, refinancing doesn't save money.

Refinancing from 20 years remaining to a new 30-year loan lowers monthly payments but increases total interest paid. You may save monthly but pay more overall. Refinancing to the same remaining term (or shorter) maximizes lifetime savings.

Expect 2–5% of the loan amount: origination fees, appraisal ($300–600), title insurance, attorney fees, and recording fees. Some lenders offer 'no-closing-cost' refinances that roll costs into the rate, which can be worth it if you plan to sell soon.