See your new payment, exact break-even date, and lifetime savings — instantly. No guesswork.
How fast your balance disappears with each loan — the faster the better.
The break-even point is how many months it takes for your monthly savings to cover the closing costs you paid upfront. If you plan to stay in your home longer than this, refinancing typically makes financial sense.
A shorter term (like 15 years vs. 30) means you'll pay far less total interest — but your monthly payment will be higher. The calculator shows you the exact trade-off for your situation.
Typical refinance closing costs run 2–5% of the loan balance. Common fees include origination, appraisal (~$400–$700), title insurance, escrow, and recording fees. Some lenders offer "no-closing-cost" refis that roll fees into the rate.
The old "1% rule" is outdated. What matters is your break-even — even a 0.5% drop can be worth it if closing costs are low and you're staying put. This calculator shows your actual break-even, not a rule of thumb.
Resetting your clock to 30 years lowers your payment but extends how long you pay interest. Consider a 20- or 15-year loan to keep more principal paydown momentum — this calculator lets you compare both scenarios.
Most conventional lenders want 620+, but 740+ gets you the best rates. FHA streamline refis can work with lower scores. Improving your score even 20–40 points before applying can meaningfully lower your rate.