Mortgage Refinance Calculator

Refinancing typically makes sense when the new rate is at least 0.5–1% lower than your current rate, your break-even point is within 3–5 years, and you plan to stay in the home long enough to recoup closing costs.

The break-even point is the number of months it takes for your monthly savings to equal your closing costs. For example, if you save $150/month and paid $4,500 in closing costs, your break-even is 30 months.