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Mortgage Refinance Calculator
Determine if refinancing makes financial sense for you. Calculate your break-even point, monthly savings, and lifetime interest savings with our comprehensive refinance analysis.
Loan Details
Current Mortgage
$
%
25 years, 0 months
New Mortgage
%
$
Typically 2-5% of loan amount ($$6,000 - $$15,000)
$
Extra cash you want to take out from home equity
Analysis Results
✅
Refinancing Recommended
You'll break even in 1.3 years and save $322/month.
Monthly Payment
Current
$2,026
New
$1,703
Save: $322/month
Interest Rate
Current
6.50%
New
5.50%
Decrease: 1.00%
Break-Even Point
16 months
(1.3 years)
Upfront Cost
$5,000
Due at closing
First Year Savings
-$1,133
After closing costs
Lifetime Interest Savings
-$10,526
If you stay for full 30-year term
Loan Details
New Loan Amount:$300,000
Current Total Interest:$307,686
New Total Interest:$313,212
⚠️ Important Considerations
When Refinancing Makes Sense
- ✓ Rate reduction of 0.75% or more
- ✓ Planning to stay 5+ years (or past break-even)
- ✓ Can afford closing costs
- ✓ Credit score has improved significantly
- ✓ Need to access home equity for improvements
Warning Signs
- ⚠️ Breaking even takes more than 5 years
- ⚠️ Planning to sell or move soon
- ⚠️ Extending loan term significantly
- ⚠️ Cash-out reduces equity below 20%
- ⚠️ Cannot afford upfront costs
Refinancing Tips
📋 Preparation
- • Check credit score (aim for 760+)
- • Gather financial documents
- • Get home appraised if needed
- • Review current mortgage terms
💰 Cost Reduction
- • Shop multiple lenders (3-5 quotes)
- • Negotiate closing costs
- • Consider no-closing-cost options
- • Ask about lender credits
⏰ Timing
- • Lock rate when satisfied
- • Allow 30-45 days for closing
- • Avoid month-end closings
- • Consider rate trends