Enter your current loan and a new quote to see if a refi actually saves you money after closing costs. We calculate your break-even month, the point where cumulative savings exceed your upfront cost.
A classic guideline: if you can drop your rate by at least 1 percentage point and plan to stay in the home past your break-even month, a refi usually pays off. In reality the math depends on closing costs and how long you'll stay, which is exactly what this calculator computes.
Origination fees, discount points, appraisal, title insurance, recording, and escrow prepaids. Nationally, refinance closing costs run 2–5% of the loan amount. Ask for a Loan Estimate (LE), it standardizes the disclosure.
A rate-and-term refi replaces your loan with better pricing. A cash-out refi lets you tap equity, usually at a slightly higher rate. This calculator models rate-and-term; use with caution for cash-out scenarios.