Compare refinancing with keeping your mortgage

Separate payment savings from borrowing costs before replacing your existing loan.

Compare the same time horizon

Start with your current balance, interest rate, payment, and remaining months. Compare the new loan over the years you expect to keep it. Restarting a 30-year term can lower payments while increasing lifetime interest.

Calculate refinance payments, break-even, and five-year costs
Refinance break-even and remaining balances
Mortgage recast versus refinance
APR, fees, and rate comparisons

Account for fees and cash out

Fees paid at closing reduce available savings. Financed fees increase the balance and interest. If you borrow extra cash, compare the cost of replacing the entire first mortgage with a separate home-equity loan.

Cash-out refinance versus a HELOC
Home-equity loans and HELOCs
Understand closing-cost categories

Shop a quote you can verify

Use written quotes with the same lock period and loan amount. A prediction of lower rates is not a commitment to future refinancing.

Shop competing mortgage quotes
Rate lock terms
Verify a refinance offer

Educational estimates are not loan offers or approval decisions. Ratespedia LLC, company NMLS #2796610. Check service availability and licensing.