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Refinance Calculator

Determine if refinancing your loan makes financial sense.

Should You Refinance Your Loan?

Refinancing involves replacing your current loan with a new one, typically to take advantage of lower interest rates or better terms.

When Refinancing Makes Sense

  • Lower Interest Rates: If market rates have dropped significantly since you took out your loan.
  • Lower Monthly Payments: Refinancing can improve your monthly cash flow.
  • Shortening the Term: Switching from a 30-year to a 15-year mortgage can save huge amounts in interest.

The Break-Even Point is the most important metric. It tells you how many months it will take for your monthly savings to cover the upfront costs of refinancing.