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Real Savings Examples

$245/month estimated savings

Current: 6.75% rate, $2,725/month

Refinanced: 6.1% rate, $2,480/month

$65,000 estimated total interest savings

$180/month estimated savings

Current: 7.2% rate, $1,850/month

Refinanced: 6.3% rate, $1,670/month

$43,000 estimated total interest savings

$320/month estimated savings

Current: 6.9% rate, $3,200/month

Refinanced: 5.8% rate, $2,880/month

$77,000 estimated total interest savings

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$245
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20
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Refinancing Your Mortgage: A Practical Guide

Refinancing your mortgage can reduce your monthly payment, lower your interest rate, shorten your loan term, or help you tap home equity for improvements. This guide explains the key considerations, costs, and a simple decision process so you can decide whether refinancing is right for you.

Why refinance?

Homeowners refinance for three main reasons: to lower their interest rate (and monthly payment), to shorten the loan term (for long-term interest savings), or to change loan type (for example, moving from an adjustable-rate mortgage to a fixed-rate mortgage for stability). Refinancing can also allow access to home equity in the form of a cash-out refinance.

Costs to consider

  • Closing costs: Fees for appraisal, title, underwriting, and lender fees normally range from 2% to 5% of the loan amount.
  • Prepayment penalties: Check your current loan for prepayment penalties that could offset savings.
  • Break-even point: The number of months it takes for monthly savings to cover closing costs. Use our calculator to estimate your break-even period.

Quick decision checklist

  1. Compare your current interest rate vs. current market rates for your credit profile.
  2. Estimate closing costs and calculate the break-even point.
  3. Decide whether you plan to stay in the home long enough to recoup costs.
  4. Consider loan term changes — a shorter term reduces total interest but may increase monthly payments.

How to use this tool

Enter your current loan balance, interest rate, and remaining years on the calculator. Select a target loan term and see the estimated new monthly payment, total interest, and break-even months. The calculator is privacy-first — no documents are uploaded or saved.

Related: Refinance calculator • Terms of use

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Frequently Asked Questions

Our calculator provides accurate estimates based on standard mortgage calculations and amortization formulas. The results show estimated savings, break-even points, and total interest calculations. Actual refinancing offers from lenders may vary based on current market rates, your specific credit profile, and local lending practices. Always consult with a licensed mortgage professional for exact terms.

Yes, your information is completely secure. We don't collect, store, or transmit any personal or financial data. All calculations are performed locally in your browser. No document uploads are required, and we don't ask for sensitive information like your social security number, bank account details, or mortgage loan number.

The break-even point is the number of months it takes for your monthly savings to equal the closing costs of refinancing. For example, if your closing costs are $5,000 and you save $250 per month, your break-even point would be 20 months. After this point, the refinance starts saving you money.

Refinancing makes financial sense when you can reduce your interest rate significantly, plan to stay in your home long enough to recoup closing costs, or want to change your loan term. Common scenarios include securing a lower interest rate, switching from an adjustable-rate to a fixed-rate mortgage, or taking cash out for home improvements. Use our calculator to see if refinancing is right for your situation.

Our calculator is designed for conventional fixed-rate mortgages. It works best for traditional 15, 20, or 30-year mortgage refinancing. While it provides useful estimates for most loan types, it may not accurately calculate specialized loans like FHA, VA, or ARM mortgages which have unique features and requirements. For these loan types, consult with a mortgage professional.

Yes, absolutely! Our refinance calculator is completely free to use with no hidden fees or signup requirements. You can use it as many times as you'd like to compare different scenarios and explore your refinancing options.