Refinance Calculator
Find out if refinancing your loan saves money and how long to break even on closing costs.
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Frequently Asked Questions
When should I refinance my mortgage?
Refinancing is worth it when: (1) you can lower your rate by at least 0.5-1%, (2) you plan to stay in the home long enough to recoup closing costs (break-even), and (3) your credit score has improved since origination. The break-even point is typically 2-4 years.
What are typical refinance closing costs?
Refinance closing costs typically run 2-5% of the loan amount — about $6,000-$15,000 on a $300,000 loan. Costs include origination fees, appraisal, title insurance, escrow and attorney fees. Some lenders offer no-closing-cost refinances at a slightly higher rate.
Does refinancing hurt your credit?
Refinancing causes a temporary credit score dip of 5-15 points due to the hard credit inquiry and new account opening. The effect is minor and usually recovers within 6-12 months of on-time payments. Multiple mortgage inquiries within 45 days are typically treated as one.