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🔄 Should I Refinance My Mortgage?

Calculate your potential savings, break-even point, and total costs. Get instant analysis to determine if refinancing makes financial sense.

Savings Analysis
Break-Even Point
Cost Comparison

Refinance Details

Current Mortgage

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New Mortgage Terms

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Additional cash to take out during refinance

Analysis

Ready to analyze?

Enter your current and new loan details to see if refinancing makes sense.

Refinancing Guide 2025: When Does It Make Sense?

When to Consider Refinancing

  • Rate Drop: New rate is 0.5-1% lower than current rate
  • Credit Improvement: Your credit score has increased significantly
  • Loan Type Change: Switch from ARM to fixed rate
  • Remove PMI: Home value increased, loan-to-value below 80%
  • Cash-Out: Need funds for home improvements or debt consolidation

Refinancing Costs to Consider

  • Origination Fees: 0.5% to 1% of loan amount
  • Appraisal: $300 to $700
  • Title Insurance: $500 to $1,500
  • Recording Fees: $100 to $300
  • Prepaid Interest: Varies by closing date

Break-Even Point Guidelines

Excellent (≤ 24 months):
  • • Significant rate reduction
  • • Low closing costs
  • • High monthly savings
  • • Strongly recommended
Good (24-36 months):
  • • Moderate rate reduction
  • • Standard closing costs
  • • Decent monthly savings
  • • Consider your timeline
Questionable (>36 months):
  • • Small rate reduction
  • • High closing costs
  • • Minimal monthly savings
  • • Usually not worth it