Refinance Calculator
Calculate if refinancing your mortgage saves you money. See monthly savings and break-even point.
Current Mortgage
New Mortgage
Typically 2-5% of loan amount
Frequently Asked Questions
When should I refinance my mortgage?
Refinance when you can lower your rate by at least 0.5-1%, plan to stay in your home past the break-even point, or want to switch from ARM to fixed-rate. Also consider refinancing to eliminate PMI or tap home equity.
What is the break-even point for refinancing?
The break-even point is when your monthly savings equal your refinancing costs. For example, if refinancing costs $3,000 and saves $150/month, you break even in 20 months. Stay in your home longer than this to benefit.
How much does it cost to refinance?
Refinancing typically costs 2-5% of the loan amount, including appraisal ($300-500), origination fees (0.5-1%), title insurance, and other closing costs. On a $300K loan, expect $6,000-15,000 in costs.