Calculate refinancing savings, break-even point, and monthly payment changes. Compare your current mortgage with potential refinancing options.
Include appraisal fees, closing costs, origination fees, and other refinancing expenses
Generally, a break-even point of 2-3 years or less is considered good for refinancing. If you plan to stay in your home longer than the break-even period, refinancing typically makes financial sense. Consider your future plans and how long you expect to keep the loan.
If you're close to paying off your loan, refinancing may not make sense due to the upfront costs and the fact that you'll be paying interest on a new loan term. Consider the total interest you'll pay over the remaining term vs. the new loan term.
Yes, cash-out refinancing allows you to borrow more than your current balance and receive the difference in cash. However, this increases your loan amount and monthly payments. Use this calculator with your new loan amount to see the impact on your payments.
There's no legal limit on how often you can refinance, but frequent refinancing can be expensive due to closing costs. Most lenders require you to wait at least 6 months between refinances. Consider the costs and benefits carefully before refinancing multiple times.