Refinance your mortgage

When is refinancing worth it?

When you will keep the home past the break-even month — closing costs divided by the monthly saving. Under three years is generally worth acting on. But a lower payment produced by restarting a 30-year term is not the same as a saving, which is why we also show the new rate on your current payoff schedule.

The comparison most lenders will not show you

Dropping your payment by extending back to thirty years looks like a win on the quote sheet and frequently is not. You can pay less each month and considerably more in total.

Our refinance calculator shows the break-even alongside a same-term comparison — the new rate amortised over your current remaining term — because that is the only honest way to see whether the rate is actually helping.

Reasons that are not about payment

Removing mortgage insurance once you have 20% equity. Leaving an adjustable rate before it adjusts. Shortening from thirty years to fifteen. Removing a co-borrower after a separation. Each can be worth doing at the same rate or even a slightly higher one.