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📋 Current loan
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yr
✨ New offer
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yr
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Typical: $2,000–$6,000. Ask for the Loan Estimate.
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Refinance calculator
Enter your current loan and the new offer. See your monthly savings, break-even date, and whether refinancing makes sense.
Monthly savings
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per month
Break-even
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Lifetime savings
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New payment
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Refinance questions, plainly answered
When does refinancing make sense?
Refinancing makes sense when your new rate is at least 0.5–1% lower than your current rate and you plan to stay long enough to pass the break-even point. With the 30-year rate at 6.72% today, refinancing makes sense if your current rate is above 7.0–7.2%.
What are typical closing costs?
Refinance closing costs typically run 2–5% of the loan amount — usually $2,000–$6,000. They include origination fees, appraisal, title insurance, and recording fees.
What is the break-even period?
The number of months until your monthly savings cover the closing costs. If you save $150/month and costs are $3,000, you break even in 20 months.
15-year or 30-year when refinancing?
A 15-year saves dramatically in total interest but raises your monthly payment. Only choose it if you can comfortably afford the higher payment.
Can I refinance if I had my loan less than a year?
Technically yes, but most lenders require 6 months of payments. More importantly, you restart the front-loaded interest amortization from scratch.