Refinance calculator
Will refinancing save you money?
Compare your current mortgage to a new rate, factor in the prepayment penalty, and see your break-even point - honestly.
Your current mortgage
Monthly savings
$251
$3,016 per year
Current payment$3,000
New payment$2,749
Prepayment penalty$6,514
Break-even26 months
Net over 5 years$8,567
Compares payments on the same balance and amortization. Real penalties are often an interest rate differential (IRD) that exceeds three months' interest - confirm yours with your lender. Estimate only.
Explore refinancingReady to make your mortgage work for you?
Pre-approval takes minutes, with no impact to your credit score.