The "Should I Refinance?" calculator will help you determine whether refinancing your loan for a lower interest rate is a wise decision for you. While a lower interest rate will mean lower monthly payments and less total interest, a refinance will also mean paying closing costs and, in some cases, points. If the monthly savings exceeds these closing costs, refinancing is a good option. To determine how many months it will take to break even with closing costs, you'll need to enter your loan details into the calculator using the diamond-shaped sliders or by entering the exact numbers in the Current Loan section.
Note: The examples below are based on the assumption that the calculator is refreshed with the default values loaded.
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