Should I Refinance Calculator
Would a mortgage refinance save me money? Refinancing your home mortgage may save you money in the long run depending on your situation. In general, you may refinance when you have an adjustable-rate mortgage (ARM) and want to switch to a fixed-rate loan, your current mortgage rate is considerably higher than current mortgage rates, or you plan to stay in your home past the break-even point on the refinance costs (generally about 7 years).
This refinance calculator can help you determine the amount of time you’ll need to stay in your home after refinancing your mortgage to breakeven and cover your refinance costs.