This mortgage refinance calculator helps you determine whether or not you should refinance your home. It calculates information from four areas: your current loan terms, your new loan terms, your property, and your individual information. Additionally, you should consider how long you plan to stay in the home. As a general rule of thumb, refinancing may make sense if you can lower your monthly payments and cover the closing costs within three years (on average). If you foresee yourself moving within a short amount of time, refinancing may not be the best decision for you.