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Should You Refinance Your Mortgage?

Finance Quiz

Answer 8 questions about your rate, equity, and timeline to see whether refinancing your mortgage is likely worth it, plus what to check next.

2 min · 8 questions

Question 1 of 8

How does your current mortgage rate compare to today's average rates?

Refinancing can lower your rate and save real money, but it only makes sense if the savings outweigh the closing costs before you move or sell. This 8-question quiz checks your rate gap, timeline, credit, and equity position to estimate whether refinancing is likely to pay off for you. It takes about 2 minutes.

Once you have your result, run your actual numbers through the Mortgage Refinance Calculator to see your real break-even point, or use the Mortgage Payoff Calculator if accelerating your current mortgage might be a better fit than refinancing.

Frequently Asked Questions

Each of the 8 questions awards 1 to 3 points based on how favorable that factor is for refinancing. Your total score (8-24) places you into Refinancing Unlikely to Help, Worth Running the Numbers, or Strong Refinance Candidate.
It's how long it takes for your monthly savings from a lower rate to add up to more than the closing costs you paid to refinance. If you plan to move before reaching that break-even point, refinancing usually isn't worth the upfront cost.
No. The quiz runs entirely in your browser and nothing is sent to a server or stored. Refreshing the page resets your progress.
Mortgage payments are front-loaded with more interest early on, so resetting the clock with a new loan close to when you started can mean paying more interest again in the early years, even at a lower rate. Being well past that early period usually makes refinancing more clearly beneficial.
The [Mortgage Refinance Calculator](/mortgage-refinance-calculator/) compares your current loan to a new rate and term, showing your new monthly payment, total interest difference, and break-even timeline based on your actual closing costs.
The [Mortgage Payoff Calculator](/mortgage-payoff-calculator/) shows how extra payments toward your current mortgage would shorten your payoff timeline and reduce total interest, which is a different strategy than refinancing but can achieve some similar goals.
Refinance closing costs vary by lender and loan amount but are generally in a similar range to original purchase closing costs, which is exactly why the break-even calculation matters — those costs need to be recovered through savings before a refinance pays off.
Yes, any time — especially whenever mortgage rates shift meaningfully or your credit score or equity position changes.