Keep it simple: know your goal, compare two offers, and check the break‑even month.
Most homeowners refinance to lower the payment, reduce total interest, or switch from variable to fixed. Decide which matters most; it guides the lender conversation and how you compare offers.
Refinancing isn’t free. Common costs include appraisal, legal, title, discharge, and lender fees. Some lenders offer credits or “no‑cost” refis in exchange for a slightly higher rate. Always compare the all‑in cost, not just the APR.
Use the calculator to estimate monthly savings versus closing costs. If you’ll own the property longer than the break‑even months, a refi can be sensible.
Match term and lock period, then compare monthly payment, lifetime interest, and break‑even. If one lender waives fees, check that a higher rate doesn’t erase the benefit.