Compare your current mortgage with a new one. Enter your balance, rate and years left, then the new rate, term and closing costs. You will see the new monthly payment, how many months it takes to earn back the closing costs, and the total interest on each loan.
Example rate. Change it to match your quote; your APR will differ.
Example rate. Change it to match your quote; your APR will differ.
A lower payment can still cost more overall when the new term is longer than the years left on your current loan.
Results are estimates for illustration. Prefilled rates are examples based on national averages as of September 28, 2026, not offers. Your rate and APR depend on your credit, loan and property, and come from a Loan Estimate. Get started for a quote.
Want to fine-tune the math? Use our refinance break-even calculator or mortgage points calculator.
Review the most common refinance options and understand how each one works so you can choose what best fits you. Texas homeowners pulling equity should also review Texas cash-out rules.
FHA Loans offer more flexible credit guidelines and include a streamline refinance option that requires minimal paperwork, making it easier to reduce a higher rate.
Lower your interest rate, change your loan duration, or switch from an ARM to a fixed-rate mortgage to save money or pay off your home sooner.
VA borrowers can take advantage of the Interest Rate Reduction Refinance Loan (IRRRL) to lower their rate, often without needing an appraisal, and bring down their monthly payment.
Tap into the equity you've built in your home to pay off high-interest debt, fund renovations, or cover major life expenses. Standard qualification guidelines still apply.
You can also talk with a loan officer about your numbers.