How long will you keep the loan?
Compare the expected time in the home or loan with the estimated break-even period.
Refinance planning
Compare a refinance with the mortgage you already have.
Estimate the payment difference, monthly savings, closing-cost recovery period and remaining interest under each scenario.
Mortgage comparison
Current mortgage
If left blank, the calculator estimates it from balance, rate and remaining term.
Proposed refinance
Planning estimate only. This comparison looks primarily at principal and interest and assumes the entered closing costs are paid in connection with the refinance. Taxes, insurance, mortgage insurance, escrow adjustments, cash-out, prepaid interest and other transaction-specific items can affect the actual economics.
Before refinancing
Look beyond the rate.
Are you resetting the term?
A new 30-year term can lower the payment while extending repayment. Compare total interest, not just payment.
Are there other goals?
Cash-out, removing mortgage insurance, changing loan type, consolidating debt or shortening the term may matter as much as the rate.