Refinance Calculator

Compare your break-even point (how many months of savings it takes to recoup closing costs) against how long you plan to stay in the home. If you'll move before the break-even point, refinancing usually isn't worth it.

Typically 2-5% of the loan amount, covering appraisal, origination fees, title insurance, and other lender/third-party fees. Ask your lender for a Loan Estimate to get the real figure for your situation.

Yes, unless you choose a new term that matches your remaining time. Refinancing into a new 30-year loan after 5 years of an existing 30-year loan extends your total payoff timeline, even if the monthly payment drops.

If you can afford a similar or higher payment, refinancing to a shorter term (e.g., 30 years down to 15) usually saves far more in total interest than simply lowering your rate on the same term.