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Compare Your Refinance Options
Enter your current loan details and a proposed new loan to see if refinancing makes sense.
1Your Current Loan
Leave blank to auto-calculate from balance, rate, and term.
2New Loan Options
Defaults to current balance. Increase for cash-out refi.
Showing 51 states
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
Calculate your refinance savings
What is Mortgage Refinancing?
Refinancing means swapping your current mortgage for a new one. You pay off the old loan and start fresh with different terms — maybe a lower rate, a shorter payoff timeline, or access to cash from your home equity. The house stays the same. The debt gets restructured.
People refinance for all kinds of reasons. Some locked in at 7.5% two years ago and rates have dropped. Others want to pull $50,000 out for a kitchen renovation. Some are tired of watching their ARM creep up every year and want the certainty of a fixed rate. Whatever the reason, the core question is the same: will the new loan cost you less than keeping the old one?
Common Reasons to Refinance
- Lower your rate: Drop your monthly payment and total interest cost
- Cash-out equity: Tap your home's value for renovations, debt payoff, or big expenses
- Change your term: Go from 30-year to 15-year (or the other way)
- Dump PMI: If your home has appreciated past 20% equity, a refi can eliminate PMI
- Escape an ARM: Lock in a fixed rate before your adjustable rate climbs higher
Types of Refinancing
Rate-and-Term Refinance
The most straightforward type. You replace your loan with one that has a better rate, a different term, or both. Your loan balance stays roughly the same (minus whatever you've paid down). This is what most people mean when they say “refinancing.”
Best for: Lowering your rate or switching from a 30-year to a 15-year mortgage.
Cash-Out Refinance
You borrow more than you owe and pocket the difference. If your home is worth $400,000 and you owe $250,000, you might refinance for $320,000 and get $70,000 in cash. Rates are usually slightly higher than rate-and-term refis, and most lenders cap you at 80% loan-to-value.
Best for: Home improvements, consolidating high-interest debt, or funding major expenses.
Cash-In Refinance
The opposite of cash-out. You bring money to the table to pay down your balance and qualify for a better rate or kill your PMI. If you owe $310,000 but need to be at $300,000 for the best rate tier, you'd bring $10,000 to closing.
Best for: Hitting a lower loan-to-value tier for better rates, or eliminating PMI.
Streamline Refinance
Available for FHA, VA, and USDA loans. Streamline refis skip most of the paperwork — no appraisal, minimal income verification, faster closing. The catch: you can usually only do a rate-and-term change, no cash out. But the speed and low cost make them hard to beat if you qualify.
Best for: FHA/VA/USDA borrowers who want a quick rate reduction with minimal hassle.
How to Calculate Your Break-Even Point
Every refinance costs money upfront. The break-even point tells you when those costs pay for themselves through monthly savings. Before that month, you're in the hole. After it, you're saving real money.
The Formula
Break-Even (months) = Closing Costs / Monthly Savings
Example:
- Closing costs: $6,000
- Old payment: $2,100/month
- New payment: $1,850/month
- Monthly savings: $250
- $6,000 / $250 = 24 months (2 years) to break even
If you plan to stay in your home past the break-even point, the refi makes financial sense. Planning to move in 18 months? Probably not worth it with a 24-month break-even, unless you go with a no-closing-cost option (which means a slightly higher rate instead of upfront fees).
One thing people forget: the break-even calculation assumes you're comparing the same remaining term. If you refinance from a 30-year into another 30-year, you're resetting the clock. Run both scenarios through the calculator above to see total cost over the life of each loan, not just the monthly payment difference.
Refinancing Costs by Loan Amount
Closing costs on a refi typically run 2-6% of the loan amount. Here's what the individual line items look like at two different loan sizes:
| Fee Type | Typical Range | $200K Loan | $400K Loan |
|---|---|---|---|
| Origination Fee | 0.5-1.5% | $1,000-$3,000 | $2,000-$6,000 |
| Appraisal | $300-$600 | $300-$600 | $300-$600 |
| Title Insurance | $700-$1,500 | $700-$1,000 | $1,000-$1,500 |
| Credit Report | $25-$75 | $25-$75 | $25-$75 |
| Recording Fees | $50-$250 | $50-$250 | $50-$250 |
| Total (Estimated) | 2-6% of loan | $4,000-$12,000 | $8,000-$24,000 |
Some lenders offer “no-closing-cost” refinances where they roll fees into a slightly higher rate. You pay nothing upfront, but your monthly payment is higher than it would be otherwise. This makes sense if you might move within a few years and don't want to gamble on recouping upfront costs.
Frequently Asked Questions
When should I refinance my mortgage?
Consider refinancing when current rates are 0.5%+ lower than your existing rate, your credit score has improved significantly, you want to switch from an adjustable to fixed-rate mortgage, or you plan to stay in your home for 3+ more years.
How much does it cost to refinance?
Refinancing typically costs 2-6% of your loan amount in closing costs. On a $300,000 loan, expect to pay $6,000-$18,000. Calculate your break-even point to ensure savings outweigh costs.
What is a cash-out refinance?
Cash-out refinancing replaces your existing mortgage with a larger loan, giving you the difference in cash. Most lenders limit cash-out to 80% of your home's value. Use it for home improvements, debt consolidation, or major expenses.
How long does refinancing take?
Refinancing typically takes 30-45 days from application to closing. Streamline refinances (FHA, VA) can be faster, sometimes 2-3 weeks. Factors affecting timeline include appraisal scheduling and document verification.
Will refinancing hurt my credit score?
Refinancing causes a temporary credit score dip of 5-10 points due to the hard inquiry and new account. Shopping multiple lenders within 14-45 days counts as one inquiry. Your score typically recovers within a few months of consistent payments.
Ready to See Your Savings?
Select your state above or use our general calculator to estimate your potential refinance savings.
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