Calculator
Refinance break-even
Compare the loan you have with a new one. You type both rates. Closing costs stay cash unless you add them to cash-out.
The sketch shows up here after you type a rate and the other numbers.
From the numbers you typed. That sum is not a quoted payment, not an APR, and not an offer. It is not a payment First Lending Solutions offers, not a rate lock, and not a finding that you qualify. This page is not an offer of credit. Approval is required.
Questions
Do you fill in either rate?
No. You type the rate on the loan you have and the new rate you want to test.
What does break-even months mean?
It is how many months of a lower payment it takes to cover the closing costs you typed. If the new payment is not lower, there is no break-even from the payment alone.
Can the payment drop while lifetime interest rises?
Yes. A longer new term can raise the interest over the full term even when the monthly principal and interest is lower.
Is cash-out a home equity line?
No. Cash-out in this sketch is added to the balance of a new mortgage. We can help you apply for a HELOC through our lending partners; we do not fund HELOCs. This page is not an offer of credit. Approval is required.