Refinance Details
Enter your current mortgage and the refinance offer you are considering. Use this as a screening step before you request or accept a written lender quote.
Current loan
New loan
Results
Rate sensitivity
Small quote changes can flip a refinance decision. This keeps your balance, costs, and horizon fixed while moving the new rate.
What This Means In Real Life
Questions To Ask Yourself
See what rate you'd actually qualify for
Rates vary by credit score, LTV, and lender. Verify the written Loan Estimate, lock period, points, lender fees, escrow treatment, and whether costs are paid upfront or rolled into the new loan.
Check refinance rates → Compare rates on Credible →PlainFigure may earn a commission from partner links. Our calculators and methodology are independent, and affiliate relationships do not change the results shown here. See disclosure.
Results are estimates for educational purposes only and are not financial advice. Rates and terms vary by lender and individual circumstances. See full disclosure.
Related calculators
Methodology
- Monthly payment uses the standard amortization formula: principal times monthly rate divided by one minus one plus monthly rate to the negative number of payments.
- Horizon costs are calculated by amortizing each loan through the selected number of months and comparing interest plus upfront refinance costs.
- Full-term comparisons use life-of-loan interest and ignore taxes, insurance, prepayments, and future rate changes.
- Assumptions: fixed rate, no prepayments, taxes and insurance not included.
- Reviewed and updated: May 2026
For educational purposes only. Not financial advice.
Frequently asked questions
When does it make sense to refinance?
Refinancing typically makes sense when you can lower your rate by at least 0.5–1%, your break-even period is shorter than your expected remaining time in the home, and your credit score qualifies you for better terms.
How do I calculate my refinance break-even point?
Divide your total closing costs by your monthly payment savings. For example, $6,000 in closing costs with $200/month savings = 30-month break-even. If you plan to stay longer, refinancing saves money.
Does refinancing reset my 30-year mortgage?
Only if you refinance into a new 30-year loan. You can refinance into a 15- or 20-year term to avoid restarting the clock, though monthly payments will be higher.
What credit score do I need to refinance?
Most conventional refinances require a 620+ credit score, though 740+ gets you the best rates. FHA streamline refinances may have more flexibility. Check your score before applying to avoid surprises.
Can I refinance if I am underwater on my mortgage?
If you owe more than your home is worth, standard refinancing is difficult. Options include HARP successor programs, FHA streamline, or VA IRRRL for eligible loans. Contact a HUD-approved housing counselor if you are in this situation.
Should I roll closing costs into the refinance loan?
Rolling closing costs into the loan balance means you pay interest on them over the life of the loan. It eliminates upfront cash but increases your break-even period. Use this calculator with and without rolled costs to compare.
How this calculator works
Break-even is calculated by dividing total closing costs by the monthly payment reduction. The horizon analysis computes cumulative interest paid under both the current and new loan using full amortization schedules, accounting for the remaining principal and term on the current loan.
Sources & assumptions
- Break-even framing follows CFPB consumer guidance for comparing refinance costs and monthly savings
- Closing-cost defaults use the common 2-5% range cited in mortgage education materials; replace defaults with your written quote whenever possible
- Remaining term and balance calculations per standard amortization schedule