How to compare refinance offers

When you refinance, you’re replacing your current mortgage with a new one. To compare refinance offers, use the same assumptions for each quote: same loan amount (e.g. payoff amount), term (e.g. 30 years), and loan type (e.g. fixed Conventional).

Compare the interest rate, APR, monthly principal and interest, closing costs, and any lender credits. A lower rate reduces your payment and total interest, but closing costs and credits can change the math—especially if you might move or refinance again in a few years.

If you’re weighing a refinance against keeping your current loan, compare the new monthly payment and total cost (including closing costs) to what you have now. A comparison tool lets you enter multiple refinance quotes and view them side by side.

There’s no one “right” refinance for everyone; it depends on how long you’ll stay, your current rate, and your goals. Organizing and comparing your quotes helps you evaluate the tradeoffs.