Refinance

Should I refinance?

It starts with the math—but the right answer depends on what you're trying to accomplish. These four steps walk through the same logic as the calculator, so the numbers mean something when you get to them.

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01
How far apart are the rates? Your current rate versus what's available now. Even a modest drop can be worth it — the size of the gap is where you start, not the whole decision.
02
Find your break-even Closing costs divided by your monthly savings gives you a basic break-even estimate. The refinance calculator does this math as you adjust the numbers.
03
Decide if you're staying past it If you'll be in the home well past the break-even point, the savings are real. If you might move — or refinance again — before then, they're not.
04
Separate rate from cash-out Lowering your rate and taking equity out are two different decisions with different tradeoffs. Don't let one talk you into the other — see Cash-Out & Equity Calculator.

What resets when you refinance

A refinance is a new loan — a new amortization clock, not a continuation of your old one.

Illustrative example — a 30-year loan, 7 years in.

If you don't refinance 23 years left
7 yrs paid 23 yrs remaining

If you refinance today, compare two paths

Option A — reset to 30 years Finishes 7 yrs later
23 yrs, comparable to what remains +7 yrs

Starting a new 30-year term can lower the payment, at the cost of 7 extra years on the clock.

Option B — match your remaining term Finishes on schedule
23 yrs — lands on schedule

A shorter new term that finishes when your current loan already would have.

This example is educational only, not calculated from your loan — the calculator's 5-year net makes this tradeoff visible with your actual numbers, before you commit to anything.

Ready to see it with your numbers?

Open the calculator, or talk it through with a person first.

Open the refinance tool Talk it through with us