Current monthly payment
Compare up to four refinance options against keeping your current loan: payment, cash to close, true break-even and total cost over the years you plan to stay. Your numbers stay on this device unless you save or share them.
How far ahead (above zero) or behind each option is versus keeping your loan, counting payments, loan balance, closing costs and any cash received. Where a line crosses zero is the true break-even.
Rates and points are examples until you enter your lender quote. Points are % of the new loan; enter a negative number for a lender credit. This calculator never assumes a rate for you.
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The month the refinance actually puts you ahead, counting payment savings, how fast each loan is paid down, closing costs and any cash you take out. It is more honest than "costs ÷ monthly savings," which ignores restarting a 30-year term.
Closing costs divided by monthly savings. Easy to explain, but it can look better than reality when the term starts over or costs are added to the loan.
How much better or worse off you are after the years you plan to stay: payments made, the loan balance you still owe, and costs paid, compared with keeping your loan.
The payment if the new loan were paid off on your current payoff date. Paying that amount keeps you from adding years of payments.
Replaces your loan with a larger one and gives you the difference in cash. If your current rate is much lower than today's rates, a home equity loan or HELOC may cost less.
Faster refinances for existing FHA and VA loans, usually with no appraisal. They must lower your rate enough to give a real benefit, and VA requires costs to be recovered within 36 months.
Moving from FHA to conventional can drop monthly MIP when the new loan is 80% of value or less. For conventional PMI, ask your servicer about removal with a new appraisal first; it can cost far less than refinancing.
A refinance collects interest to the end of the month and starts a new escrow account. Your old escrow balance comes back as a refund. These shift timing; they are not extra cost.
Program rules used. Conventional: rate-and-term up to 97% of value (fixed), cash-out up to 80% with at least 12 months since the current loan's first payment, cash back on a rate-and-term limited to the greater of 1% of the new loan or $2,000 (Fannie Mae and Freddie Mac, 2025). Cash-out pricing rises sharply above 75% of value. Loans above $845,000 (2027 baseline) are high-balance; above $1,267,500 (2027 high-balance limit) are jumbo and outside this calculator. FHA: streamline requires an existing FHA loan, 210 days and 6 payments, and a combined rate (note rate + annual MIP) at least 0.50% lower for fixed to fixed; closing costs can't be added to a streamline loan. Upfront MIP 1.75%, reduced by HUD's refund credit for FHA-to-FHA within 36 months (80% in month 1, down 2% a month). FHA rate-and-term up to 97.75% of value, cash-out up to 80% after 12 months. VA: IRRRL requires an existing VA loan, 210 days and 6 payments, a rate at least 0.50% lower (fixed to fixed), costs recovered within 36 months from the principal and interest savings (funding fee, taxes and escrow excluded), and a 0.50% funding fee. VA cash-out up to 90% of value in this calculator (VA allows up to 100%; many lenders cap at 90%), funding fee 2.15% first use or 3.30% after. Exempt veterans pay no funding fee.
Fees. Lender's title uses WFG National Title's Washington refinance rate schedule (eff. May 1, 2023), interpolated by loan amount; escrow uses $550, in line with Washington refinance escrow schedules (Old Republic, WFG); both plus 10.55% Seattle sales tax (other cities 10.30% to 10.50%). Deed of trust recording $304.50 plus $1 per page, about 33 pages. The $80 Washington foreclosure prevention fee applies to refinances (Washington SB 5938, effective June 10, 2026). Appraisal, credit report, flood, tax service and payoff fees are estimates. Get a live title quote before closing.
Disclosure. Educational estimate only. It is not a Loan Estimate, interest-rate lock, APR quote, approval or commitment to lend. Rates, points, credits, mortgage insurance, values and fees must come from your lender's current pricing and verification. Lender requirements may be stricter than the program maximums shown.