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Is it time to refinance?

Tell us about your loan. The check finds the rate at which refinancing it pays, compares a new loan with the one you have, and runs entirely in your browser: nothing you enter is sent anywhere, unless you ask us to alert you at that rate, and then we keep only the alert and your email.

Your loan

7.875%
$412,000
27 years
$550,000

Credit score

Credit score

The new loan

The new loan

Leave it empty to use the check's estimate.

Do you itemize deductions on your tax return?

Your federal tax bracket, if you itemize

Itemizing makes mortgage interest deductible, which lowers the trigger. Most households take the standard deduction instead.

Your trigger rate

6.68%

Not yet

0.584 points to go.

Today's estimate for you: 7.264% rate, 7.384% APR, for a 30-year fixed refinance at 70.01–75% LTV. Estimates for Oct 7, 2026; national until local data arrives.

Payment now
$3,073
A new 30-year loan
$2,814, $259 less a month
Over the same 27 years
$2,905, $168 less a month

Closing costs: $6,985: $2,000 plus the 1.21 points today's estimate is priced at. The interest saved repays them in month 35 with a new 30-year loan, and in month 34 over the same 27 years.

Interest still to pay over the loan's life: $17,611 more with a new 30-year loan, $54,357 less over the same 27 years; with the closing costs, $24,596 more and $47,372 less.

Refinancing today would lower your payment by $168 a month over the same 27 years, but on average it pays to wait for 6.68%.

Alert me at 6.68%

How the trigger works

Refinancing now gives up the chance to refinance lower later, so it pays only when today's rate is far enough below yours. The trigger is the closed-form answer of Agarwal, Driscoll and Laibson: it assumes a 10% yearly chance that you move, 3% inflation, a 5% real discount rate and a yearly swing in mortgage rates of 1.09 points. Payments are principal and interest only. The method in full

Estimate, not an offer. Built from Average prime offer rates (FFIEC), week of Oct 5, 2026; Loan-level price adjustments (Fannie Mae), dated Sep 30, 2026; Daily Treasury par yield curve (U.S. Treasury), Oct 7, 2026; Refinance trigger (Agarwal, Driscoll and Laibson), dated Oct 6, 2026.

Average prime offer rates published by the FFIEC for the Consumer Financial Protection Bureau; a U.S. government work in the public domain.

Borrower adjustments derived from Fannie Mae's Loan-Level Price Adjustment Matrix dated September 30, 2026. Fannie Mae does not endorse these estimates.

10-year par yield from the U.S. Department of the Treasury's daily par yield curve rates.

The trigger follows Agarwal, Driscoll and Laibson, "Optimal Mortgage Refinancing: A Closed-Form Solution", Journal of Money, Credit and Banking, 2013, with that paper's assumptions except the tax rate.

Reading the answer

A new loan of the full term lowers the payment partly because it spreads what you owe over more years, so the check also prices a new loan over the years you have left: there, a lower payment is the rate's doing alone. The break-even month counts the interest you would save, not the payment, which a longer term flatters.

These are estimates, not offers. Before you refinance, ask at least three lenders for a Loan Estimate and compare their rates, APRs and closing costs. How we estimate · Why sources disagree