Refinance Calculator
Find out how much you could save by refinancing your mortgage. Compare your current loan with new rates and see your break-even point.
Current Loan
New Loan
✅ Refinancing Saves You Money
You save $388/month and $13,256 total
Refinance FAQ
When does refinancing make sense?+
When you can lower your interest rate by at least 0.75-1%, or when switching from an adjustable-rate to a fixed-rate mortgage. Calculate your break-even point to ensure you'll stay in the home long enough to recoup closing costs.
What are typical closing costs for refinancing?+
Usually 2-5% of the loan amount. This includes appraisal fees, origination fees, title insurance, and other charges. On a $300,000 loan, expect $6,000-$15,000 in closing costs.
How does refinancing affect my credit score?+
The hard credit inquiry may temporarily lower your score by 5-10 points. However, if refinancing lowers your monthly payment and you pay on time, your credit score can improve over time.
Can I refinance with bad credit?+
It's harder but possible. FHA streamline refinances don't require credit checks. Conventional refinances typically need a score of 620+. Improving your credit before applying can save thousands.
What is a cash-out refinance?+
A cash-out refinance replaces your existing mortgage with a larger loan, giving you the difference in cash. This is popular for home improvements or debt consolidation, but increases your loan balance.
How long does refinancing take?+
Typically 30-45 days from application to closing. Delays can occur if appraisal issues arise or if additional documentation is needed.