Decision · Mortgage
Should you refinance?
Compare your current loan with a new one. See your monthly savings, how long until closing costs are recouped, and total lifetime savings.
Monthly impact
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New payment-
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Lifetime
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Refinance — frequently asked questions
When does refinancing a loan make sense?
When the interest you save each month (after the new payment) exceeds the total closing costs within a reasonable time — typically before you plan to move or pay off the loan. If your break-even is 36 months and you'll stay 10 years, refinancing is very likely worth it.
What is the refinance break-even point?
It's closing costs ÷ monthly savings. If closing costs are 3,000 and you save 150/month, break-even is 20 months. After that point, every month is pure savings — as long as you keep the loan.
Should I roll closing costs into the new loan?
You can, but it increases the principal and the interest you'll pay over the life of the loan. If you have the cash, paying closing costs upfront almost always saves money long term.
Financial guides to go deeper
Short, practical reads that pair with our calculators.
When Does Refinancing Actually Make Sense?
The break-even framework most lenders don't explain clearly.
AmortizationUnderstanding Amortization: Principal vs. Interest
Why early payments are mostly interest and how to read the schedule strategically.
LoansThe Surprising Power of Extra Payments
Real numbers on how $50–$200 extra per month reshapes any long-term loan.