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
$
%
yrs
New Loan
%
$
Total Cost Over Time
Keep current loan
Refinance
Refinancing costs more
Your monthly payment increases by $431 — but you pay off the loan 10 years sooner and save $195,019 in total interest.
Current payment$2,313/mo
New payment$2,744/mo
Monthly savings-$431/mo
Break-even
Never
Total interest saved
Higher monthly payment, but 10 fewer years of payments
+$195,019
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 $431 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 $195,019.
Should you refinance?
Refinance 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
Don't refinance 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
Rates shown are for illustration. Contact your lender for a formal quote.