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Refinance Calculator

Find out if refinancing could lower your monthly payment, help you pay off your loan faster, or show you when you'll break even on closing costs.

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Is Refinancing Right for You?

Refinancing can be a powerful financial tool, but it's important to consider the costs and benefits. Here are the primary reasons homeowners choose to refinance:

  • Lower Your Interest Rate: If current market rates are lower than your existing rate, you can reduce your monthly payment and the total interest you'll pay over the life of the loan. This is often called a rate-and-term refinance.
  • Shorten Your Loan Term: Switching from a 30-year to a 15-year mortgage can help you pay off your home much faster and save a significant amount in interest, though your monthly payment may increase.
  • Cash-Out Your Equity: If you've built up equity, a cash-out refinance allows you to borrow against that value. Homeowners often use these funds for home improvements, debt consolidation, or other large expenses.

Our calculator helps you focus on two key numbers: your potential monthly savings and the break-even point—the time it takes for those savings to cover the closing costs of the new loan. If you plan to stay in your home longer than the break-even point, refinancing could be a smart move.

Refinancing FAQs

When is the right time to refinance my mortgage?
A general industry rule of thumb is that if you can lower your interest rate by 0.5% to 1.0%, refinancing usually makes financial sense. However, the true "right time" depends entirely on your "Break-Even Point" calculated above—if you plan to stay in the home longer than that period, it is worth exploring.
Do I have to pay closing costs out of pocket when I refinance?
Not necessarily. Unlike buying a home, most lenders allow you to roll your closing costs directly into the new loan balance when refinancing, meaning you can lower your rate and close with absolutely $0 out of pocket.
Will refinancing restart my 30-year loan term?
If you choose a new 30-year fixed rate, yes, the clock starts over. However, you don't have to choose 30 years! You can refinance into a 15-year or 20-year term to keep your original payoff timeline intact while securing a much lower interest rate.