Mortgage Refinance Calculator
Should you refinance? Compare your current mortgage with a new one and find your break-even point.
Refinance Comparison Calculator
Enter your current and new loan details to see if refinancing makes financial sense
Understanding Mortgage Refinancing
When to Refinance
Refinancing makes sense when you can lower your rate by at least 0.5-1%, plan to stay in your home past the break-even point, or need to switch from an adjustable to fixed rate. Consider your goals: lower payments, shorter term, or cash out equity.
Types of Refinancing
- Rate-and-Term: Change rate and/or term only
- Cash-Out: Borrow more than you owe
- Cash-In: Pay down principal at closing
- Streamline: Simplified process for FHA/VA loans
Closing Costs to Expect
- Application fee: $75-$500
- Appraisal: $300-$700
- Title insurance: 0.5-1% of loan
- Origination fee: 0.5-1.5% of loan
- Attorney/escrow fees: $500-$1,000
Important Considerations
- Compare APR, not just interest rate
- Factor in how long you'll stay
- Consider shorter term to build equity faster
- Watch for prepayment penalties on current loan
- Shop multiple lenders for best rates