Refinance Calculator
See how much you could save by refinancing your mortgage to a lower rate.
You could save
$224
per month
Current payment
$1,903
New payment
$1,679
Break-even point
27 mo
(2.3 years)
5-year savings
$7,450
Savings over 28 yrs
$69,319
Loan Comparison
Our Analysis
Refinancing looks favorable. With a 1% rate reduction, you'll save $224 monthly and break even in 27 months.
When Does Refinancing Make Sense?
Rate drop of 0.5-1%+
Refinancing typically makes sense when you can lower your rate by at least half a percentage point.
Plan to stay 3+ years
You need enough time to recoup closing costs through monthly savings (the break-even point).
Sufficient equity (20%+)
Having at least 20% equity helps you avoid PMI and qualify for better rates.
Calculator Disclaimer: This calculator provides estimates and should not be used to make financial decisions. Actual rates, payments, and savings will depend on your credit score, loan-to-value ratio, and other factors. Contact us for a personalized refinance quote. NMLS #2783717. Equal Housing Lender.