Refinance Calculator
Find out if refinancing your mortgage makes sense. Compare your current payment with a new potential payment and see your savings.
Enter Your Details
Payment Comparison
Current Payment
$2,364.77
per month
New Payment
$1,970.3
per month
Monthly Savings
+$394.48
Over 30 years
Refinance Analysis
Is Refinancing Right for You?
Lower Interest Rate
Refinancing can lower your monthly payment if you qualify for a lower interest rate than your current rate.
Shorter Loan Term
You can refinance to a shorter term to pay off your loan faster and save on total interest.
Cash-Out Refinance
Access your home equity by refinancing for more than your current balance.
Frequently Asked Questions
When should I refinance?
Consider refinancing when interest rates are at least 0.5-1% lower than your current rate, or when you want to change your loan term, access equity, or switch from an adjustable-rate to a fixed-rate mortgage.
What are the costs of refinancing?
Refinancing typically costs 2-5% of the loan amount, including closing costs, appraisal fees, title fees, and origination fees. Make sure your savings outweigh these costs.
What is the break-even point?
The break-even point is the number of months it takes for your monthly savings to cover the closing costs of refinancing. After this point, you start saving money.
Can I refinance with bad credit?
It may be more difficult to qualify for a good rate with bad credit, but it is possible. You may need to work on improving your credit score first or consider government-backed refinance programs.