The basic trade
You replace a loan with another. The goal might be a lower APR, a shorter term, payment relief, or accessing equity—each with costs and risks.
Break-even math
Compare monthly savings to closing costs and fees. If you plan to move before break-even, you may lose the bet. If you stay, the savings can be substantial.
Use the calculator
FAQ
- Does refinancing restart amortization?
Often a new 30-year resets the front-loaded interest profile—your monthly may drop while lifetime interest changes. Model both.