Calculate Refinance Savings
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Months until savings exceed closing costs
Current Loan
Monthly Payment
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Refinanced Loan
Monthly Payment
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Key Info
When should I refinance?
When new rate is 0.5-1% lower than current rate, and you'll stay in home long enough to break even. If you plan to move in 2 years and break-even is 3 years, don't refinance.
What are typical refinance costs?
$2,500-$5,000 on a $250K loan. Includes appraisal, origination fee, title, processing. More expensive than purchase mortgage because less profit for lender.
Cash-out refinance vs rate-and-term?
Rate-and-term: Only change rate/term, no cash out. Simple, lower fees. Cash-out: Borrow more than owed, take difference as cash. Higher costs and rates but accesses equity.