Rate-and-term refinance
May lower interest costs, change loan length, or move to a fixed rate.
The tradeoff
Closing costs and a longer new term can offset the savings.
REFINANCE · START WITH UNDERSTANDING
KNOW YOUR NUMBERSA better rate is only part of the story.
Refinancing replaces your existing mortgage. Compare upfront costs, the new loan term, and your plans for the home before deciding whether a new loan improves your position.
Calculate your refinance break-even
Change the assumptions. See the tradeoffs.
Open calculatorSee the costs side by side.
Explore sample provider offers with rates, fees, and the tradeoffs in view.
EXPLORE THE OPTIONS
Different products. Different purposes.
Educational comparisons of product types. These are not lender offers or provider rankings.
Shorter-term refinance
A shorter schedule can reduce the number of years you pay interest.
The tradeoff
Monthly payments may rise even with a lower rate.
Cash-out refinance
Replaces the current mortgage with a larger loan and provides cash after costs.
The tradeoff
Increases secured debt and can reprice the entire mortgage balance.
Lender-credit refinance
A lender credit may cover some closing expenses.
The tradeoff
Often involves a higher interest rate; costs do not disappear.
A SIMPLE WAY FORWARD
Make your next move an informed one.
01
Find your current balance, interest rate, remaining term, and monthly principal-and-interest payment.
02
Request quotes with the same loan amount and compare the costs of keeping your loan versus replacing it.
03
Calculate break-even, review the balance you would owe when you sell, and decide whether the tradeoff fits your timeline.
GO A LEVEL DEEPER
Learning center Good questions deserve clear answers.
Refinance · 2 MIN READ
When does refinancing pay for itself?
Use break-even as a starting point, then look at the full loan.
Read guide Refinance · 2 MIN READThe hidden cost of restarting a 30-year loan
A smaller payment can come with a longer repayment timeline.
Read guide Mortgages · 2 MIN READHow to compare Loan Estimates, line by line
Make a fair comparison of rates, fees, and cash needed at closing.
Read guide Mortgages · 2 MIN READMortgage points and lender credits, explained
Paying more now or more over time is a tradeoff worth calculating.
Read guide Loans · 2 MIN READHome equity loan, HELOC, or cash-out refinance?
Understand what changes when you borrow against your home.
Read guideCommon questions about refinance
Explore the linked guides for assumptions and primary sources. Eligibility and actual terms depend on the provider and your situation.