Should You Refinance?

Considering refinancing your mortgage? Our smart Refinance Calculator helps you compare your current loan to a new one, factoring in interest rates, terms, closing costs, cash out, and more. Instantly see your new payment, total savings, break-even point, and whether refinancing is truly worth it for you.

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Refinance illustration

Current Loan Information

Refinance Information

How This Calculator Works

Our Refinance Calculator helps you determine if refinancing your mortgage makes financial sense by comparing your current loan to a new one. It factors in interest rates, terms, closing costs, cash out options, and extra principal payments to give you a complete picture of potential savings.

The calculator uses real-world amortization schedules to track how your mortgage balance changes over time. It compares:

  • Current Loan: Original amount, interest rate, term, and years paid
  • New Loan: New interest rate, term, and closing costs
  • Options: Cash out amount or extra principal payments

Results show:

  • Monthly payment comparison
  • Total cost analysis
  • Break-even point
  • Total potential savings

When to Consider Refinancing
  • Interest rates are at least 0.5% lower
  • You'll stay in the home past the break-even point
  • You want to change your loan term or access home equity