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Refinance Calculator
Check whether refinancing your mortgage would lower your payment and how long it takes to pay back the closing costs.
How this calculator works
Enter your current balance and payment, the new rate and term, and the closing costs. The calculator finds the new payment, your monthly savings and the break-even point in months.
Example
A $300,000 balance with a $2,200 payment, refinanced at 5.5% over 30 years, has a new payment of $1,703.37. That saves $496.63 a month, and $6,000 in closing costs is recovered in 13 months.
Tips
- Refinancing only pays off if you stay in the home past the break-even point.
- Restarting a 30-year term can raise total interest even when the payment drops.
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Results are estimates only. See our disclaimer.