Should I Refinance?
See if breaking your current mortgage and refinancing at a lower rate actually saves you money — even after the penalty.
Breaking your mortgage before the term ends costs money — but staying in a high-rate mortgage also costs money. The question is which cost is greater.
Penalty calculations vary wildly by lender — especially IRD penalties at big banks.
Read the refinance guide or get your actual penalty calculated
Penalty estimates in this calculator use a simplified model. Actual IRD penalties at major banks can be significantly higher. Always get your exact penalty in writing from your lender before making a refinance decision.
Check Your Title Before You Refinance
When you refinance, your new lender orders a title search. If they find surprises — an old mortgage that was never discharged, a builder lien, or a CRA lien you did not know about — your refinance stalls while those issues get resolved. That can take weeks. Spend $10-20 on a title search through SPIN2 before you start and eliminate surprises upfront.