Refinance Savings Calculator
Should you refinance? Enter your current mortgage details and see exactly how much you could save with real math, not guesswork.
Current avg. 30-year fixed rate: 6.37%
This calculator provides estimates for educational purposes only. Actual rates, payments, and savings will vary based on your specific financial situation, credit profile, lender fees, and current market conditions. These results do not constitute a loan offer, pre-qualification, or financial advice. Wirly is not a lender, broker, or financial advisor. Consult a licensed mortgage professional before making any refinancing decision.
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Refinancing FAQ
When does it make sense to refinance?
Refinancing typically makes sense when you can lower your rate by at least 0.5-1%, plan to stay in your home long enough to break even on closing costs, and your credit score qualifies for better terms. Use the calculator above to find your break-even point.
What are typical refinance closing costs?
Closing costs typically range from 2-5% of your loan amount. On a $300,000 mortgage, expect $6,000-$15,000. This includes appraisal fees, title insurance, origination fees, and other lender charges.
How is the break-even point calculated?
Break-even equals your total closing costs divided by your monthly savings. For example, $6,000 in closing costs with $200/month savings means a 30-month break-even. If you plan to stay longer than 30 months, the refinance pays off.
Should I refinance to a 15-year mortgage?
A 15-year mortgage means higher monthly payments but significantly less total interest. It makes sense if you can comfortably afford the higher payment and want to build equity faster. Use the calculator above and change the term to 15 years to compare.
Where does the rate data come from?
Rate data comes from the Federal Reserve Economic Data (FRED) system, specifically the Primary Mortgage Market Survey published by Freddie Mac. These are weekly national averages, not personalized quotes.