US · Canada
Should I refinance?
Compare your current mortgage against a new rate. We work out your new monthly payment, how long it takes to recoup closing costs, and your lifetime savings.
Refinance outcome
$266.00
Monthly savings
- New monthly payment
- $1,896.20
- Current payment
- $2,162.20
- Break-even point
- 1 yr 4 mos
- Lifetime savings (net of costs)
- $13,920
Refinancing lowers your payment by $266.00/mo. You recoup the $4,000 in closing costs after 1 yr 4 mos — worth it if you keep the home longer than that.
Open the new loan in the full calculator →An estimate of principal & interest only — your actual savings depend on closing costs, loan type, and how long you stay. Not a lending offer.
Mortgage rate trend
Past year, weekly national average
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