LOWER PAYMENT ≠ AUTOMATICALLY BETTER
Refinance
Analysis
Compare the proposed refinance against the loan you already have—then look beyond the monthly payment to see costs, break-even timing, and interest over the period that matters to you.
YOUR CURRENT LOAN
Where you are now
PROPOSED REFINANCE
What you’re comparing
ANALYSIS SNAPSHOT
Break-even reached in your timeframe
AT YOUR 5-YEAR HORIZON
HOW TO READ THE RESULT
Three questions matter most.
- 01Does the new payment improve your monthly cash flow?
Compare principal, interest, and mortgage insurance. Taxes and homeowners insurance are excluded because refinancing usually does not change the underlying property expenses.
- 02Will you keep the loan long enough to recover the costs?
Break-even divides closing costs by monthly savings. Selling, refinancing again, or paying off the loan before that point can change the answer.
- 03What happens to interest and the payoff timeline?
Restarting a longer term can reduce the payment while increasing lifetime interest. A shorter term may do the opposite. Your goal determines which tradeoff matters.
Results are based solely on the figures entered and assume fixed-rate, fully amortizing loans. They exclude taxes, homeowners insurance, escrow adjustments, prepaids, points, changing property values, tax consequences, and opportunity costs. Actual loan terms, costs, payments, savings, and eligibility vary. Request a personalized Loan Estimate before deciding whether to refinance.