Should I Refinance My Mortgage?
Enter your mortgage details and get a clear answer with savings breakdown
Your Current Mortgage
Enter your existing home loan details
Used to calculate loan-to-value ratio for PMI
New Loan Offer
Enter the refinance terms you qualify for
Common terms: 180 (15yr), 240 (20yr), 360 (30yr)
Typically 2-5% of loan amount. Includes appraisal, title, origination fees.
Enter your mortgage details and click "Should I Refinance?" to see your personalized recommendation.
Frequently Asked Questions
When should I refinance my mortgage?
Generally, refinancing makes sense when you can lower your rate by at least 0.5-0.75%, your break-even point is within 3-4 years, and you plan to stay in the home long enough to recoup closing costs.
How much does it cost to refinance a mortgage?
Mortgage refinance closing costs typically range from 2-5% of the loan amount. For a $300,000 loan, expect $6,000-$15,000 in closing costs.
What is a good mortgage refinance rate?
A good refinance rate is one that's at least 0.5-0.75% lower than your current rate. The exact rate depends on market conditions, your credit score, and loan-to-value ratio.
Can I refinance to remove PMI?
Yes! If your home has appreciated and your loan-to-value ratio is now below 80%, refinancing can eliminate PMI. This calculator factors in PMI savings automatically.