Decision, not hype
Refinance calculator
Separate a real refinance win from a lower-payment illusion. This version keeps closing costs, PMI, break-even timing, and term reset drag in the same view.
Use this with a real quote.
If the numbers still only look good after the term reset, that matters.
Reviewed for refinance tradeoffsCaleb Hollis checks break-even timing, rolled-in costs, PMI changes, and term-reset drag.
Reference points usedCFPB and Freddie Mac refinance guidance support the surrounding advice.
Best use caseBest with a real quote. If savings depend on a long reset, treat that as caution.
Current loan vs new offer
Keep the before-and-after visible. That is where most refinance decisions go wrong.
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Advanced quote inputs Open this when closing costs, rolled fees, or new PMI are still unsettled.
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Decision summary
The page starts with a filled example, so the result area earns trust immediately.
Estimated monthly change
$267
Estimated monthly difference once PMI and closing-cost handling are included.
Break-even20 mo
Current payment$2,095
New payment$1,828
Lifetime interest difference+$140,554
PMI changePMI gone
Term reset impact+6 years
Cash needed now$0
This looks like a real refinance win. The monthly savings clear costs fast enough that the move is doing actual work.
Next tool
Check whether the savings hold up
Use the guide and mortgage calculator to see whether this is a real refinance win or just a longer loan wearing a lower-payment mask.
Break-evenTerm reset
Best next move: If this only works because the term stretches back out, compare it with extra principal instead. Then read should you refinance and recast vs refinance.