Should You Refinance Your Mortgage?
Compare your current loan to a new one. See the new payment, total interest over the life of the loan, and your break-even point.
$
$
% of loan
Adds to closing costs; rate entered above already reflects any buydown you expect.
$
Not used in break-even math; shown for monthly payment comparison only.
Current monthly payment (P&I)
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With taxes/insurance: –
New monthly payment (P&I)
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With taxes/insurance: –
Monthly savings
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Break-even time
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Months to recover closing costs from monthly savings.
Total interest remaining (current vs. new)
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Interest saved: –
Estimates are illustrative and based on user inputs. Results don’t include all costs or taxes and aren’t guarantees. Consider how long you’ll keep the loan. Refinancing may increase total interest if the term is extended.