Should I refinance?

Compare your current mortgage with a new one. See your new payment, how long until the savings cover the costs, and how far ahead you'd be after the years you plan to stay.

These numbers are estimates only and may not be accurate. They depend on your real interest rate, credit, income and the home's actual taxes and insurance. Contact us for accurate figures; it's free and there's no obligation. The starting interest rate (6.5%) is an example only, not a quote: your rate depends on your credit, loan type, down payment and the market, and can be higher or lower. Change it to see the difference.

Your mortgage now

Balance owed ($)

Current interest rate (%)

Years left on the loan

Principal & interest payment ($) blank = calculated

The new loan

New interest rate (%) example

New loan term

Refinance closing costs ($)

Cash out ($) leave 0 for a rate-and-term refinance

Years you expect to keep the loan

Add the closing costs to the new loan

Need cash? Compare Extra Credit (HELOC) Pay off faster instead

Mortgage rates this week

Rates change every day. Ask us for today's rates for your situation: it's free and there's no obligation.

Get my personal rate Rate Watch: tell me when to refinance

What's next?

Get pre-approvedFind out exactly how much you can borrow. It's free, there's no obligation, and sellers take your offer more seriously.Go →Keep your rate, use your equityExtra Credit (HELOC) savings.Go →Mortgage payoff planPay off sooner instead.Go →

Common questions

When does refinancing make sense?

When the money you save each month, over the years you expect to keep the loan, is more than the cost of refinancing. The break-even point is how long it takes for the savings to cover the costs.

Is the "1% lower rate" rule still true?

It's only a rough guide. A smaller drop can be worth it on a large loan or if you'll stay many years; a bigger drop may not be if you're moving soon. Run your own numbers.

Does starting a new 30-year loan cost more in the long run?

It can. Resetting to 30 years lowers the payment but can add interest over the life of the loan. That's why this calculator compares where you'd stand after the years you expect to stay, including your loan balance.

What about a cash-out refinance?

It replaces your mortgage with a larger one and gives you the difference in cash. If your current rate is low, an Extra Credit line (HELOC) may cost less because you keep your first mortgage.

For education and planning only. Approximate estimates; not legal, tax or financial advice. Not a loan offer, approval or commitment to lend. Example rates are for illustration only; rates can change and may not be available at commitment or closing. Rates, terms, taxes, insurance and program rules vary and change; your actual numbers may differ. Mortgage services by Bill McElhill, NMLS #2176490, licensed in Florida, Georgia and Texas.