Refinance
Lending & MortgagesReplacing an existing loan with a new one, typically to get a lower interest rate or change the loan term.
Example
Example: Your current mortgage: $300,000 at 7.25%, payment $2,048/month. You refinance to 6.25% with $5,500 in closing costs. New payment: $1,847/month, saving $201/month. Break-even: $5,500 / $201 = 27 months. If you stay 5+ years, you save $6,560 net. Use our refinance calculator.