Be sure to take a close look at closing costs

Trading your current mortgage for a loan with a lower interest rate is often the right move - but not always. If you pay significant closing costs, it could take years before you come out ahead financially. And if you plan to move in the near future, that can make a difference, too. Use this calculator to weigh several factors to determine if refinancing your mortgage is a sound decision.

Information and calculators provided are tools for your use and are not intended to provide financial, investment, legal, tax or accounting advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.