5. Track


You did it – you closed your loan!  While it’s time to celebrate, it’s also important to a) calculate your rate breakeven so you know when it makes sense to refinance.  Once you do, we’ll show you how to b) track rates so you don’t miss your money savings opportunity!


A. Calculate Savings Rate (Refinance Calculator)

Use our calculator below to determine if refinancing your home loan makes sense.  You can also play around with different rates and closing costs to determine when a refinance will save you money!  Keep in mind that increasing the life of your loan could result in increasing your total interest on the loan, even if your monthly payment goes down.?

    Current Loan

    Original Loan Amount?$Interest Rate?%Loan Terms (years)?Origination Month?Origination Year(4 digit)?

    New Loan

    Cash Out?$New Loan Amount$Interest Rate?%Loan Terms (years)?Closing Cost?$

    Savings with the New Loan

    Current Loan New Loan Savings
    Monthly Payment
    Interest Remaining

    # of Months to Breakeven on Closing Costs:?

    Your current lender obviously does not want you to refinance and give you a lower rate to service your loan. However, they do not want to lose your business all together!  Therefore, your leverage is to get multiple quotes from other lenders and go back to your existing lender to try to beat it. Click here to receive quotes from multiple lenders.


    B. Track Rates

    Now that you know what rate you need to save money on your loan, it’s important you know what current mortgage rates are.

    Not interested in constantly checking interest rates? Let us do the work for you! Simply enter the rate below that you are tracking to save you money on a refinance. As rates drop to that level, we’ll send you a notification! It’s that simple…

    • Please enter a number from 0.0 to 100.0.
    • This field is for validation purposes and should be left unchanged.


    While interest rates fluctuate daily, they generally go down significantly during recessionary times (this is because the Federal Reserve will often cut rates during recessionary times to stimulate growth).