Refinance calculator
Compare what you pay now with a new loan. The break-even point tells you how long before the closing costs pay for themselves.
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When is refinancing worth it?
When you will keep the home well past the break-even point and the lifetime cost goes down, not just the monthly payment. A lower rate with the same or shorter term usually wins; stretching a 22-year balance back to 30 years can cost more in total even at a lower rate.
What goes into closing costs?
Typically 2–5% of the loan: lender fees, appraisal, title insurance, recording fees and any points bought to lower the rate. Rolling them into the loan avoids paying cash but adds interest on them.