Calculate monthly savings, break-even point, and total interest saved from refinancing.
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Monthly savings = Current payment - New payment. Break-even months = Closing costs / Monthly savings. Total savings = (Monthly savings × remaining months) - Closing costs.
Refinance if you can lower rate by 0.5-1%+ AND plan to stay long enough to recoup closing costs. Break-even typically 18-36 months. Refinance makes sense if you stay longer.
Break-even months = Closing Costs ÷ Monthly Savings. If costs $4,000 and save $200/month: 20 months to break even. Plan to stay 20+ months after refinancing.
Refinance closing costs: 2-6% of loan amount or $3,000-$10,000. Include appraisal, lender fees, title, recording. Some lenders offer "no-closing-cost" refi at higher rate.
If payment is affordable, 15-year saves massive interest (often $100K+) and builds equity faster. Requires 15-20% higher monthly payment. Powerful if cash flow allows.
Conventional refi: 620+ (740+ for best rates). FHA streamline: 580+. VA: typically 620+. Every 20 points of credit score improvement can save 0.25-0.5% in rate.
Calculations are for educational purposes only. Consult a qualified financial advisor for personalized advice.