See whether a new mortgage rate is worth the upfront cost.
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A lower payment does not always mean lower total cost. Compare both the break-even point and lifetime savings.
We compare the remaining payments on your current loan with the payments and closing costs of a new fixed-rate loan.
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It is the number of months of payment savings needed to recover your closing costs.
Not necessarily. The new term, fees, how long you plan to stay, and lifetime interest all matter.
No. They usually do not change because of refinancing, so this comparison focuses on principal and interest.