Should you refinance?
Put in your loan details below. You'll see your new payment, how much you'd save each month, and how long it takes for the savings to pay back the closing costs.
You'd break even in about 2 years and keep saving after that.
When refinancing usually makes sense
- The new rate is about 0.75% lower than yours. Smaller drops can still work on bigger loans.
- You'll stay past the break-even point. Closing costs ÷ monthly savings = months to break even. Under 3 years is a good sign.
- It helps a goal: a lower payment, dropping mortgage insurance, a shorter term, or cash for a project or debt.
Not there yet? Email me “watch my rate” at felix@vivancomortgage.com and I'll let you know when rates hit your number.
This calculator is an estimate for education only. It is not a rate quote, an offer, or a commitment to lend, and results do not include APR, taxes, insurance, or mortgage insurance. Payments shown are principal and interest. Your actual rate, costs, and savings depend on credit, loan amount, equity, property, and market conditions. Resetting or extending your loan term can lower your payment while increasing the total interest you pay. Felix Vivanco, NMLS #2002977 · First Colony Mortgage Corporation, NMLS #3112 · Equal Housing Lender · 2701 N Thanksgiving Way #100, Lehi, UT 84043.