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Mortgage Refinance Calculator
See if refinancing your mortgage saves money after closing costs.
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Frequently asked questions
When should I refinance my mortgage?
When the new rate is at least 0.75–1% lower than your current rate AND you plan to stay in the home past the break-even point. Short-term plans rarely justify refinancing costs.
What is the break-even point?
The number of months it takes for monthly savings to recoup closing costs. If you move before break-even, refinancing loses you money.
Can I refinance into a shorter term?
Yes — and it's often the smartest refinance. Going from a 30-year to a 15-year can keep payments similar while slashing total interest.
What are typical closing costs?
2–5% of the loan amount, covering appraisal, title, origination, and recording fees. Some lenders offer "no-closing-cost" refinance but roll fees into a higher rate.