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Compare your current mortgage to new rates and see if refinancing makes sense for you.
See your monthly savings, break-even point, and total interest reduction.
New Monthly Payment
Monthly Savings
Total Interest Savings
Break-Even Point
See if refinancing could lower your monthly payment. Check rates online.
From 5.875% APRNo lender fees, no origination fees. Close up to 2 weeks faster.
From 5.75% APRWe may earn a commission if you click through and apply. This helps us keep our tools free.
Refinancing can lower your monthly payment and save you thousands in interest over the life of your loan. However, it's important to account for the upfront costs of the new loan.
The break-even point is the moment when your monthly savings from a lower interest rate finally exceed the costs of getting the new loan (closing costs, appraisal fees, etc.). If you plan to move or sell the home before you reach this point, refinancing might actually lose you money.
Refinancing typically costs between 2% and 5% of the loan amount. These costs can include application fees, origination fees, appraisal fees, and title search/insurance.