30yr
--%
|
15yr
--%
Should You Refinance?
Enter your loan details to see if refinancing makes financial sense
Current Loan
$
%
yrs
Current Monthly Payment
$2,456.78
New Loan Terms
%
yrs
$
New Monthly Payment
$2,156.34
Detailed Analysis
Break-Even Point
27 months
(2.2 years)
Savings Over 7 Years
$17,237
including closing costs
Rate Reduction
1.000%
7.25% → 6.25%
Lifetime Interest Savings
$48,234
if held to term
Pro Tips
- A rate reduction of 0.5% or more typically justifies refinancing if you'll stay 3+ years
- Consider a shorter term if you can afford higher payments to save on total interest
- Ask about "no-closing-cost" options — they often come with slightly higher rates
- Factor in any prepayment penalties on your current loan
Understanding Refinancing
Lower Monthly Payments
Refinancing to a lower rate can reduce your monthly payment, freeing up cash for other expenses.
Break-Even Point
The time it takes for monthly savings to exceed closing costs. Stay longer than this to benefit.
Loan Term Options
A shorter term means higher payments but less total interest. Longer terms reduce payments.
Cash-Out Refinance
Access your home equity for renovations, debt consolidation, or other major expenses.
Connect with a Lender
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