Is refinancing worth it?
Refinancing replaces your current mortgage with a new one — ideally at a lower rate. Two numbers decide if it's worth it: your monthly savings and your break-even point (how long until those savings cover the closing costs). If you'll stay in the home past break-even, refinancing usually pays off.
Watch the lifetime interest too: stretching back to a fresh 30-year term lowers the payment but can add interest overall. This tool shows both so you decide with full information.
Frequently asked questions
Should I refinance my mortgage?
Refinancing usually makes sense if the new rate is meaningfully lower and you'll stay in the home past the break-even point (closing costs ÷ monthly savings). This calculator shows both.
What is the break-even point?
It's how many months it takes for your monthly savings to cover the closing costs. After that, you're truly saving money.
Does a lower payment always save money?
Not always — extending your term can lower the payment but increase total interest. We show lifetime interest too, so you see the full picture.
What are typical closing costs?
Refinance closing costs are often around 2–5% of the loan amount. Enter your quoted amount for an accurate result.
Calculations show principal & interest only and exclude taxes, insurance and fees.