Should You Refinance Your Mortgage?

Closing costs, discount points, and a term that resets — see what the refinance actually costs before you sign.

This page is for homeowners holding a rate they suspect they can beat. Enter your current balance, rate, and the months left on the loan, then the offer you are weighing — its rate, term, closing costs, points, and escrow prepaids. You will see your new monthly payment, what you save each month, the month your costs are recovered, and what the refinance costs you across the full life of the loan. It takes a minute, and the numbers are yours to keep.

When is a mortgage refinance worth it?

A lower rate is not the same thing as a better deal, and a mortgage is where that gap gets expensive. Discount points are a percentage of the balance you refinance, and escrow prepaids land on top — both join your closing costs, so the real number to recover is usually larger than the lender's headline figure. The trap underneath is the term reset: refinancing a loan with 22 years left back out to 30 years can cut the monthly payment and still cost you more interest than you had left to pay. RefiFastCalc shows both numbers side by side — the break-even month and the lifetime cost difference — so a payment that drops can never hide a total that rises.

What you enter

What you get back

How the math works

The calculator compares your current loan against the offer you are considering. Monthly savings is your current payment minus the new payment. Break-even is your total refinance cost divided by that monthly saving, rounded up to the next whole month.

Refinance a different kind of loan

Educational information, not financial, legal, or lending advice. RefiFastCalc is not a lender, broker, or loan originator; rates and approvals come only from licensed lenders.