Plug in your current mortgage and a refinance scenario. See your new monthly payment, the break-even point on closing costs, and total savings over the life of the loan.
All numbers are estimates using standard amortization math. Your actual quote depends on credit, equity, property type, and current market pricing. Run the numbers, then request a free real quote.
Anyone can quote a lower monthly payment by stretching the term back out. The number that tells you whether a refinance is actually worth it is the break-even: how many months of monthly savings it takes to cover the closing costs of the new loan.
If you plan to stay in the home well past the break-even, the refinance usually pencils out. If you're moving or selling before then, the closing costs eat your savings and the math says wait. Total lifetime savings tell the longer story; the 5- and 10-year savings tell the realistic one.
The break-even is the number of months your refinance savings need to add up to in order to cover the closing costs of the new loan. If your closing costs are $6,000 and you save $300/month, your break-even is 20 months.
There's no universal threshold. The old rule of thumb was 1%, but the right answer depends on the loan size and how long you'll stay. On large California balances, even 0.375–0.5% can be worth it; on smaller balances, you typically need a bigger drop.
Yes. Closing costs are an input. The calculator subtracts them from the savings to give you a realistic break-even and lifetime savings number, and lets you choose whether to roll them into the new balance.
That matters a lot. Refinancing back into a 30-year loan when you only have 22 years left can drop your monthly payment but raise your total interest. We show total interest under each scenario so you can compare apples to apples.
In a no-cost refinance, the lender covers your closing costs in exchange for a slightly higher rate. The break-even shifts dramatically, and it can make sense if you don't plan to stay long.
No. It's an estimate based on the numbers you enter. For a real refinance quote that accounts for your credit, equity, and current market pricing, request a free quote, we respond within 1-2 business days.
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