Refinance Calculator
Determine if refinancing your mortgage makes financial sense.
Current loan
New loan
Recommendation
Not recommended
Break-even in 1 years 6 months
Current payment
$2,069
per month
New payment
$1,724
per month
Monthly savings
$345
Total interest saved
$-5,890
New loan amount
$280,000
Interest comparison
Balance over time
Considerations
Break-even analysis
Break-even time: 18 months
Loan term impact
Longer term increases total interest
When to refinance
Consider refinancing when rates drop 0.5-1% or more, you plan to stay long enough to recoup costs, or you need to access equity or change loan terms.
Types of refinancing
Rate-and-term refinance changes your rate or term. Cash-out refinance converts equity to cash. Streamline refinance offers simplified process for FHA/VA loans.
Refinancing costs
Expect 2-5% of loan amount in closing costs. Consider no-closing-cost options (higher rate) or rolling costs into the loan if you'll stay long-term.