Calculate your break-even point and lifetime savings when refinancing your mortgage.
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A refinance calculator helps you determine how long it will take to break even on your refinancing costs and how much you will save over the life of the loan.
Refinancing makes financial sense when your new rate is at least 0.5%–1% lower than your current rate and you plan to stay in the home long enough to recoup the closing costs (typically 2–5% of the loan amount).