Refinance Calculator
Find out if refinancing could lower your monthly payment, help you pay off your loan faster, or show you when you'll break even on closing costs.
New Monthly Payment
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Potential Monthly Savings
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Break-Even Point
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Is Refinancing Right for You?
Refinancing can be a powerful financial tool, but it's important to consider the costs and benefits. Here are the primary reasons homeowners choose to refinance:
- Lower Your Interest Rate: If current market rates are lower than your existing rate, you can reduce your monthly payment and the total interest you'll pay over the life of the loan.
- Shorten Your Loan Term: Switching from a 30-year to a 15-year mortgage can help you pay off your home much faster and save a significant amount in interest, though your monthly payment may increase.
- Cash-Out Your Equity: If you've built up equity, a cash-out refinance allows you to borrow against that value. Homeowners often use these funds for home improvements, debt consolidation, or other large expenses.
Our calculator helps you focus on two key numbers: your potential monthly savings and the break-even point—the time it takes for those savings to cover the closing costs of the new loan. If you plan to stay in your home longer than the break-even point, refinancing could be a smart move.