Refinance Savings Calculator
See if refinancing your mortgage makes sense for you.
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Savings Summary
Is Refinancing Right for You?
Refinancing your mortgage can be a smart financial move, potentially lowering your monthly payment, reducing your interest rate, or changing your loan term. This calculator helps you estimate your potential savings and determine if refinancing is a good option for your situation.
Frequently Asked Questions
When should I consider refinancing?
You might consider refinancing if interest rates have dropped since you got your original loan, if your credit score has improved, or if you want to switch from an adjustable-rate to a fixed-rate mortgage.
What are closing costs?
Closing costs are fees associated with refinancing your loan. They can include appraisal fees, title insurance, and other administrative costs. It's important to factor in these costs to determine your break-even point.