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.
Questions people ask
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.