A lower payment is not the same as paying less. Here is what a refinance costs you across the whole loan, and how long before you break even.
Your loan now
The offer
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What each option costs you from here
| Keep your loan | Refinance | Refi, keep old payment | |
|---|---|---|---|
| Monthly payment | — | — | — |
| Interest left | — | — | — |
| Closing costs | $0 | — | — |
| Paid off | — | — | — |
Break-even point
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Take it with you
A printable breakdown with your break-even month, the full comparison, and the questions to ask each lender.
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Estimates based on the numbers you enter. Not financial advice and not a loan offer. Actual rates, closing costs, and terms depend on your credit, the property, and the lender. This calculator assumes closing costs are paid at closing rather than rolled into the new loan, and excludes taxes, insurance, and mortgage insurance. Compare Loan Estimates from more than one lender before deciding.