Refinance Calculator & Guides
Estimate a refinance payment using your state's real property-tax data, then read plain-English guides on rate-and-term vs. cash-out, break-even math, and low-credit options. Educational only, never a quote.
Estimated Monthly Payment
Loan Summary
Illustrative national averages (≈ early 2026) for education only — not an offer or quote. Verify current rates with sources like the Freddie Mac PMMS.
Want a personalized read? Take the 5-question quiz to see which program categories fit your specific scenario.
We are an educational company, not a lender. We do not make loans, underwrite loans, or provide financial advice. All loan terms, rates, and approvals are determined solely by a licensed lender of your choice. This service is not a loan application. These figures are estimates provided for educational purposes only and are not a loan offer, quote, rate lock, or commitment to lend. Your actual payment will differ. Property taxes and homeowners insurance shown here are estimates and may be understated or excluded, and other costs — such as mortgage insurance, HOA dues, flood insurance, and closing costs — may not be reflected. For a detailed, personalized quote, consult a licensed lender or loan officer.
Rates shown are illustrative approximations — not actual available rates. Adjust the rate selector to any figure you are considering. Estimates only, using an illustrative interest rate and tax and insurance data for your selected state (county-level where county data is available). Not a quote, offer, or commitment to lend. Verify every figure with a licensed lender in your state before relying on it. For informational and educational purposes only.
Refinance guides
Plain-English and free — no sales pressure. Start with the overview, or jump straight to the situation that matches yours.
Rate-and-term vs. cash-out: two different goals
A rate-and-term refinance replaces your current mortgage with a new one to change the interest rate, the payoff term, or both. Your balance stays roughly the same — the goal is usually a lower payment or a faster payoff. A cash-out refinance replaces your mortgage with a larger loan and returns the difference to you as cash, drawing on the equity you’ve built. It’s a way to access funds, and it typically carries a slightly higher rate than a comparable rate-and-term loan.
The break-even: the number that tells you if it’s worth it
The simplest way to judge a rate-and-term refinance is the break-even point: divide your total closing costs by the amount your monthly payment would fall. The result is roughly how many months it takes to earn back the cost of refinancing. Plan to keep the loan comfortably past that point and the refinance is more likely to pay off; if you may sell or refinance again sooner, the upfront cost can outweigh the savings.
What a refinance typically costs
Closing costs on a refinance generally run about 2% to 5% of the loan amount — items such as origination, appraisal, title, and prepaid escrows for taxes and insurance. Some costs can be rolled into the new loan instead of paid up front, which lowers your out-of-pocket cost but increases the balance you finance. The calculator above lets you compare payments across rates and terms so you can weigh the trade-off with your own numbers.
What moves the rate you’re offered
The rate on any refinance depends on factors like your credit profile, the loan-to-value ratio (how much you owe versus what the home is worth), the loan program, the term, and whether you’re taking cash out. Property taxes and homeowners insurance don’t change your rate, but they do change your total monthly payment — which is why this tool asks for your state (and county, where data is available) instead of using a national guess.
HomeWise is an educational publisher. We don’t lend, arrange loans, or quote rates — every figure here is illustrative and for learning. When you’re ready, take these questions to a licensed mortgage professional. Your information is never sold or shared with lenders or any third party.
Frequently asked questions
What's the difference between a rate-and-term and a cash-out refinance?
A rate-and-term refinance changes your rate, your term, or both while keeping your balance about the same. A cash-out refinance replaces your loan with a larger one and gives you the difference in cash from your home equity, and it usually carries a slightly higher rate.
How do I find my refinance break-even point?
Divide your total closing costs by the amount your monthly payment would drop. That's roughly how many months it takes to recover the cost of refinancing. Keeping the loan well past that point makes a refinance more likely to pay off.
Does refinancing restart my loan term?
It can. Refinancing into a new 30-year loan resets the clock to 30 years, which lowers the monthly payment but can raise total interest paid over time. Many homeowners pick a shorter term or make extra principal payments to avoid stretching the payoff.
Can I refinance with a lower credit score?
Sometimes — credit is one factor among several, and some programs are more flexible than others. Our guide on refinancing with low or no credit score covers the 2026 options. HomeWise explains the concepts; it does not lend or arrange loans.
Will refinancing affect my credit?
Applying usually involves a credit inquiry, which can cause a small, temporary dip; shopping several offers in a short window is generally counted as one inquiry. Closing an old loan and opening a new one also changes your history. These are general educational points, not personalized advice.