See exactly how much a lower rate could save you — and how long it takes to pay off the switch.
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Free Refinance Calculator
Enter your numbers and hit Calculate.
You save $470.93 per month.Break-even 6 month.
Current payment
$4,412.50
New payment
$3,941.57
Other closing costs may apply depending on your loan and property.
Estimate assumes a 30-year fixed term. Illustrative only — not a real quote.
Rate-and-term and cash-out refinancing solve different problems. Here's how to tell which one is yours.
Change your rate or your loan length — your balance stays the same.
Good for
Borrow against your home's equity and walk away with cash.
Good for
These are the most common reasons homeowners refinance.
Even 0.5–1% lower can mean real monthly savings on a 30-year loan.
Lock in a fixed rate before your adjustable-rate period ends.
Cash-out refinancing can consolidate credit cards into one lower payment.
Tuition, a renovation, or a life event — tap your equity instead of a personal loan.
September 29, 2026 Updated
Monthly payment examples below are for a loan amount of $700k. Taxes and insurance are not included in the estimate; actual payment amount will be greater.
The rate shown is based on a sample borrower profile — a refinance loan for a single-family primary residence, with W-2 income, a 740 credit score, 70% loan-to-value (LTV), and 45% debt-to-income (DTI). Actual rates and terms may vary based on your credit profile, loan amount, and property details.
Refinancing doesn't mean starting over — here's what actually changes.
Step 1
Your balance, rate, and goal — takes about 2 minutes.
Step 2
Rate-and-term vs. cash-out, matched to what you're trying to solve.
Step 3
Review the numbers and lock in — no surprise fees.
Step 4
One closing, then your new (lower) payment starts.
Same home. Better terms. No hassle.
Not sure if now is the right time? We’ll help you understand your options and whether refinancing makes sense for your situation.
Your refinance journey doesn’t end at closing. We’ll be here to help you understand when it may make sense to refinance again as your situation and the market change.
Compare multiple loan options and see your potential savings, so you can make a more informed decision about refinancing.
The stuff every homeowner asks before switching.
Compare your break-even point (how long it takes closing costs to pay for themselves) against how long you plan to stay in the home. If you'll stay longer than the break-even point, it's usually worth it.
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