Refinance Calculator

Refinancing makes sense when you can lower your rate by at least 0.5-1%, plan to stay in the home past the break-even point, and the closing costs are reasonable. Rate-and-term refinances are the most common.

Refinance closing costs typically range from 2-5% of the loan balance. Common fees include origination fees, appraisal, title insurance, and settlement fees. Some lenders offer no-cost refinances by rolling fees into the rate.

A cash-out refinance replaces your mortgage with a larger one and gives you the difference in cash. You can use it for home improvements, debt consolidation, or investments. It increases your loan balance and resets your repayment timeline.

If you refinance into a new 30-year mortgage, yes. If you have 20 years left and refinance into another 30, you pay for 50 total years. Consider refinancing into a shorter term (15 or 20 years) to avoid this and save more on interest.

A credit score above 760 typically gets the best rates. Each tier below (740, 720, 700, 680, 660) generally adds 0.125-0.25% to your rate. Improving your score before refinancing can save significantly over the loan term.

Streamline refinances (FHA Streamline, VA IRRRL) have reduced documentation requirements for borrowers already in government-backed loans. They typically require no appraisal and minimal income verification, making the process faster and cheaper.