Mortgage & Housing
Should I Refinance?
Find your break-even point and see if refinancing saves money. Enter your current loan and new rate to get a clear scenario comparison instantly.
Current Loan
New Loan
Total Cost Over Time
Refinancing costs more
Your monthly payment increases by $471 - but you pay off the loan 10 years sooner and save $212,771 in total interest.
Break-even
Estimates based on your inputs. Actual results may vary. Terms →
What your results mean
By refinancing to a 6.25% rate on a 15-year term, you pay an extra $471 per month. Because your new payment is higher, you will never recover your closing costs through monthly savings. Over the life of the loans, you will save a net total of $212,771.
Should you refinance?
Worth considering if:
- You plan to stay in the home past the break-even point
- Your rate drops by at least 0.75%
- You can roll closing costs into the loan or afford them upfront
Think twice if:
- You plan to sell or move within the next few years
- The new term resets your amortization significantly
- Closing costs exceed your monthly months of savings
What to do next
Learn more (FAQ)
Rates shown are for illustration. Contact your lender for a formal quote.
What to calculate next
Refinance Break-Even Calculator
Calculate exactly when refinancing pays off. Enter your current loan and new rate to find your break-even point in months.
Extra Mortgage Payment Calculator
See how extra monthly payments can reduce your mortgage term and total interest.
Mortgage Payoff Calculator
Calculate how many years of payments you can skip by adding to your principal.