Calculator
Refinance Savings Calculator
The only number that really matters when deciding whether to refinance: how many months until the savings outweigh what it costs to get there.
Break-even point
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Current payment (P&I)$0
New payment (P&I)$0
Monthly savings$0
Reading your break-even number
If your break-even point is 18 months and you're confident you'll be in the home longer than that, refinancing likely makes sense. If you might sell or move before then, the closing costs probably won't pay for themselves. This estimate compares principal-and-interest only — it doesn't include changes to your taxes, insurance, or any cash you take out, which I'll walk through with you directly.