When interest rates drop or market values rise, it’s a good time to think about refinancing.
First, enter the loan balance, payment, and interest rate for your current loan. Then, select a focus: do you want to reduce your term length or monthly payments? Adjust the term length, interest rate, cash out amounts, and closing costs for the new loan. See how these factors influence your total costs, how much you can save, and when you’ll break-even on monthly savings vs. refinancing costs.