Find out if refinancing makes sense for you. See your new payment, total savings, and break-even point.
$2,098
Not including taxes or insurance
Remaining Balance
$291,043
5.990%
Typical range is 2–5% of the loan amount. Ask your lender for a Loan Estimate.
Additional cash you want to borrow beyond your current balance (cash-out refinance).
New Loan Amount
$291,043
| Current Loan | New Loan | Difference | |
|---|---|---|---|
| Monthly Payment | $2,098 | $1,743 | ↓ $355/mo |
| Remaining Interest | $388,594 | $336,465 | ↓ $52,129 |
| Remaining Total Cost | $679,637 | $633,329 | ↓ $46,308 |
| Payoff Date | Apr 2053 | Apr 2056 | 36 months later |
You'll break even on closing costs in 17 months
Refinancing is a strong move if you plan to stay in this home.
The point where the lines cross is your break-even. The green-shaded area shows your total savings.
Next payment
$2,098
First payment
$1,743
Keep your current monthly payment and pay off faster at the new lower rate.
New payoff: 20 years (237 mo)
Interest saved vs. current loan: $182,495
Higher payment, but dramatically less interest over the life of the loan.
Estimated 15-year rate: 5.490%
Monthly payment: $2,377
Total interest: $136,730
Take cash out and keep your monthly payment roughly the same.
Available cash-out: $59,202
While keeping your current monthly payment
Refinancing is just one way to save. If you have credit card debt or other high-interest loans, consolidation could save even more.
Check Consolidation Rates →See how much you could save with our Debt Consolidation Calculator →
FundMatch helps with personal loans and debt consolidation. For mortgage refinancing, consult a licensed mortgage lender.
The general rule of thumb is that refinancing becomes worthwhile when you can lower your interest rate by at least 0.75% to 1%. But the real answer depends on your break-even point — how long it takes for your monthly savings to recoup the closing costs of the new loan.
Refinancing also makes sense when your credit score has improved significantly since you took out the original loan. A higher credit score can qualify you for substantially lower rates, which translates to thousands of dollars in savings over the life of the loan.
One important thing to remember: refinancing resets your amortization clock. Even if your monthly payment drops, you could end up paying more in total interest if you extend your loan term. That's why the total cost comparison in our calculator matters more than just the monthly payment.
Refinancing isn't free. Typical closing costs include an appraisal fee (00–00), loan origination fee (0.5–1% of the loan), title insurance, recording fees, and various administrative charges. In total, expect to pay 2–5% of your loan amount in closing costs.
You can choose to pay closing costs upfront or roll them into the new loan. Rolling them in means a slightly higher monthly payment since you're financing the closing costs too — and paying interest on them for the full loan term. Paying upfront requires more cash at closing but results in a lower monthly payment and less total interest.
A cash-out refinance lets you borrow more than your remaining balance and pocket the difference as cash. It can be smart when used for debt consolidation (replacing high-interest credit card debt with a lower-rate loan) or home improvements that increase your property value.
Be cautious about using cash-out refinancing for non-essential spending. You're converting unsecured debt into debt secured by your home, extending your repayment timeline, and potentially paying more in total interest. Make sure the math works before pulling equity out.
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Start by checking your credit score — even a 20-point improvement can unlock better rate tiers. Shop at least 3–4 lenders and compare not just the rate but the total closing costs. A slightly higher rate with lower fees can sometimes be the better deal.
Consider a rate lock once you find a good offer. Rates can change daily, and locking in protects you during the closing process (typically 30–60 days). Also ask about "no-closing-cost" refinance options, where the lender covers fees in exchange for a slightly higher rate.
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Refinancing is just one way to save. If you have credit card debt or other high-interest loans, consolidation could save even more.
Check Consolidation Rates →