Mortgage & Housing
Is refinancing worth it?
Compare your current rate with a new rate and see how long it takes to recoup closing costs.
Try the calculator
Use your remaining balance and term.
What this means
Break-even is how long your monthly savings must last to pay back closing costs. If you plan to move before then, refinancing may not help.
What to do next
If break-even is within a few years and you plan to stay, refinancing could be worth it. Compare multiple offers.
FAQ
What if the new payment is higher?
If the new payment is higher, there is no break-even. Refinancing would cost more each month.
Does this include fees beyond closing costs?
No. Add any extra fees to the closing cost input for a better estimate.