Mortgage Refinance Calculator
Should you refinance? Compare your current mortgage to a new loan and see how much you could save. Find your break-even point.
Current Mortgage
New Loan
Mortgage Refinance Guide
When Should You Refinance?
Generally, refinancing makes sense when you can lower your rate by at least 0.5-1%, plan to stay in the home past the break-even point, and the closing costs are reasonable (typically 2-5% of the loan). Also consider refinancing to switch from ARM to fixed, remove PMI, or shorten your loan term.
What is the Break-Even Point?
The break-even point is how many months it takes for your monthly savings to cover the closing costs. If you plan to stay in the home longer than the break-even period, refinancing usually makes financial sense.
Cash-Out Refinance
A cash-out refinance lets you borrow more than your remaining balance and pocket the difference. This can be useful for home improvements, debt consolidation, or major expenses, but it increases your loan balance and potentially your rate.