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Refinance calculator

Compare your current loan with a new rate and term to estimate monthly savings and your break-even point.

Refinance calculator

Compare your loan

Current balance$350,000

Current rate7.500%

Years remaining25 yr

New rate6.125%

New term30 yr

Closing costs$4,500

Cash out$0

Years you'll keep7 yr

Current payment

$2,586

New payment

$2,154

$432

Monthly savings

$11

Break-even

$36,329

7-yr savings

Estimate only. New loan amount $354,500. Break-even is when monthly savings cover closing costs. Extending your term can lower payments but may increase total interest over the life of the loan.

Is a refinance right for you?

Lower payments can free up cash, but extending your term may cost more over time. We'll run the real numbers and help you choose the best path.

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Refinance questions.

When does refinancing make sense?+

Refinancing can make sense when you can lower your rate, reduce your monthly payment, shorten your loan term, or access equity. The break-even point — when savings outweigh closing costs — is the key number to watch.

What is a break-even point?+

Break-even is the number of months it takes for your monthly savings to equal the closing costs of the refinance. If you plan to keep the home longer than that, you usually come out ahead.

What about a cash-out refinance?+

A cash-out refinance replaces your current mortgage with a larger one and gives you the difference at closing. It can be useful for debt consolidation, home improvements, or investments, but it increases your loan balance.

Refinance calculator

Refinance calculator

Is a refinance right for you?

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Refinance questions.

Ready to see what you qualify for?