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Mortgages
Refinance calculator
Should you refinance? Compare your current mortgage to a new one and see when (or if) the refinance pays for itself.
Current loan
New (refinanced) loan
New monthly payment
$1,694.76
- Current monthly$1,903.12
- Monthly savings$208.37
- Break-even32 months
- Lifetime savings$6,499.93
Headline
You'd save $208.37/month and recover the $6,500.00 in closing costs after 32 months. Lifetime savings: $6,499.93.
Compare refinance lenders
See real rates from regulated lenders without a hard credit pull.
- Break-even is the number that matters
Closing costs divided by monthly savings = months to recover. If you'll move before then, the refinance doesn't pay off.
- Match the term, then check the rate
Comparing apples to apples means using the same remaining term. Refinancing to a 30-year when you have 20 years left loads more interest, not less.
- Lender credits aren't free
A no-closing-cost refi is just closing costs paid via a higher rate. Run both scenarios — the right pick depends on how long you'll stay.