Calculate your monthly savings, total interest reduction, and break-even timeline for a refinance. Compare rate-and-term vs. cash-out. See if refinancing makes sense for your situation.
Divide your closing costs by your monthly savings to find how many months until the refi pays for itself. If you'll stay longer than that, refinancing typically makes sense.
On a large loan, even a 0.375% reduction can break even in under 2 years. On a smaller balance, you may need 0.75%+ to justify closing costs. Use the calculator to find your number.
Yes — once you have 20%+ equity, refinancing to conventional eliminates MIP entirely. On a $300,000 loan this can save $150–$250/month.