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Should you refinance your mortgage?

Enter your current loan info and new loan details to find out if refinancing makes sense for you.
Refinancing could save you

$103 /mo

Monthly savings$103 /mo
New payment$971
Break even10 months
Lifetime savings-$45,549

Total Savings / Break Even

WhenTotal SavingsComments
0 month-$897
9 months$29This is your break even point. After 10 months, your total savings will be greater than any costs to refinance your loan.
283 months$28,226After 284 months you will have paid off your previous loan and all additional payments to your new loan will decrease your total savings.
313 months-$895After this point, you will no longer be saving money. Unless there is a break point after 314 months, then refinancing is not a good idea.
359 months-$45,549
Start your refinance

Need help?

The more information you can provide, the more accurate your estimate will be.

Loan Amount

Enter the remaining balance of your current loan, and the balance of your new loan. The new loan balance can be lower or higher if you'd like to pay down the principal or take cash out.

Interest Rate

The calculator includes a sample rate. However, your actual rate will vary based on factors like credit score and down payment.


Your term is the length of time you choose to pay off your loan (e.g., 30 years, 20 years, 15 years, etc.). Enter the term of your current loan, then choose a new term for your new loan.

Origination Year

Enter the year you got your current loan. Our refinance calculator takes into account the year that you would have paid off your original loan to better calculate your savings over time.

Refinance Fees

Like all home loans, a refinance loan requires closing costs to pay for things like the loan origination fee, title, and appraisal. You can roll the fees into the new loan in the advanced options.

Cash Out

If you have enough equity in your home, you may be able to take cash out during a refinance. You can enter the amount you want to take out under "Cash out" in the advanced options.