Refinance Calculator
See how much you could save by refinancing your mortgage.
Frequently Asked Questions
What does break-even point mean?
The break-even point is how many months it takes for your monthly savings to cover the closing costs. After this point, you're saving money every month.
Should I refinance if my break-even point is high?
A break-even point over 5 years may not be worthwhile unless you plan to stay in your home much longer. Consider your timeline and how long you plan to keep the mortgage.
What closing costs should I expect?
Typical closing costs are 2-5% of the loan amount. They include origination fees, appraisal, title insurance, and other lender fees. Get a Loan Estimate from your lender for exact costs.
Can I refinance multiple times?
Yes, you can refinance as many times as you want, but each refinance has new closing costs. It's usually best to space out refinances a few years apart to ensure you break even.
How long does refinancing take?
The refinance process typically takes 30-45 days from application to closing. You'll need to provide financial documents and the lender will conduct a new appraisal.