Refinancing your home mortgage has the potential to save you thousands over the course of your home loan. However, in some instances, refinancing to get a lower interest rate may end up costing you more than you expect.
The only way to figure out if refinancing your mortgage is worth it is to roll up your sleeves and do the math. We built the Mortgage Refinance Calculator to help homeowners see if refinancing a home is right for them.
Fill out both your current loan information and the specifics of the new loan. The calculator will show you the differences in the monthly payments, the outstanding interest on both loans, and how long it will take a borrower to reach the break-even point over the life of the loan.