Should I refinance?
Compare your current loan with a new one. You’ll see the change in your monthly payment and how long it takes to earn back your closing costs.
Your current loan
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New loan
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$
New loan term
Closing costs
Enter your current balance, rate and years left, plus the new rate, to compare the two loans.
Break-even point
0months
Heads up: this costs more over time
Is a lower payment the same as a better loan?
Not always. Here’s what I’d look at with you before you refinance:
- Are you resetting the clock? Starting a new 30-year loan lowers your payment by spreading it over more years. A shorter term or paying a little extra can keep you on track.
- How long will you stay in the home? If you might sell before the break-even point, the closing costs may cost more than you save.
- Is a refinance the right tool? Depending on your goal, a HELOC, a different loan structure or keeping your current loan might do more for you.
I’ll compare your options side by side so you can decide with the full picture.
This calculator is an educational tool. Results are estimates based on the numbers you enter and compare principal and interest only, not taxes, insurance or mortgage insurance. By refinancing an existing loan, your total finance charges may be higher over the life of the loan. This isn’t an offer of credit or a quote of any rate, costs or terms. Not a commitment to lend. All loans subject to credit and underwriting approval. Restrictions apply. Fiona Bryan, NMLS #1812932, Empire Home Loans.