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When does refinancing make sense?
Refinancing typically makes sense when you can lower your rate by at least 0.5–1%, you plan to stay in your home past the break-even point, and your closing costs are reasonable (usually 2–5% of the loan balance).
Find your refinance break-even point and total savings over your loan.
Use the Refinance Break-Even Calculator →By Sean Baldwin · Last reviewed July 2026 · Part of the Refinance Break-Even Calculator guide.