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Refinancing is generally worth considering when you can lower your interest rate by at least 0.5–1%, plan to stay in the home long enough to pass the break-even point, or need to switch from an adjustable-rate to a fixed-rate mortgage. Use the break-even calculation to see how many months of savings it takes to recoup closing costs.

The break-even point is the number of months it takes for your monthly payment savings to equal the total closing costs of the refinance. For example, if closing costs are $4,500 and you save $150/month, your break-even point is 30 months. If you plan to stay in the home beyond this point, refinancing saves you money.

Typical refinance closing costs range from 2% to 5% of the loan amount and may include application fees, appraisal fees, title insurance, origination fees, and prepaid items like taxes and insurance escrow. On a $280,000 loan, expect $5,600 to $14,000 in closing costs.

Mortgage discount points are upfront fees paid to the lender to reduce your interest rate, typically costing 1% of the loan amount per point and reducing the rate by about 0.25%. Buying points makes sense if you plan to keep the loan long enough for the monthly savings to exceed the upfront cost.

Yes. Refinancing replaces your existing loan with a new one, so if you refinance into a new 30-year term after paying 5 years on your original mortgage, you will have 30 new years of payments. However, you can choose a shorter term (such as 15 or 20 years) to avoid extending your payoff date significantly.

While it is harder to refinance with a low credit score, options exist. FHA streamline refinances, VA IRRRLs, and USDA streamline refinances have more lenient credit requirements. Conventional refinances typically require a minimum score of 620, though better rates are available at 740 and above.