A refinance can change payment, term, equity, and total interest—not just the rate.
Compare the full timeline
Compare the remaining term on the current loan with the proposed new term, including closing costs, prepaid items, points, and any cash-out amount.
Find the break-even question
Estimate how long monthly savings would take to recover refinance costs, then consider how long you expect to keep the loan.
Educational information only. Confirm current terms and disclosures with the appropriate licensed professional or official agency guidance.