Purchase
Rate against points and lender credits, and the cash you need at closing.
Mortgage & Refinance
Purchase, refinance and cash-out options compared on rate, points, closing costs and break-even.
Why this is hard to compare
The problem
A lower rate is easy to spot. Points, fees and how long you keep the loan often matter more: a refinance only pays off once the savings cover what it cost.
What is on the table
Rate-and-term refinance
Lower the rate or shorten the term. The test is the break-even month.
Cash-out refinance
Turn equity into cash. The new rate applies to the whole balance.
Fixed against adjustable
Fixed buys certainty. Adjustable can win over a short hold and cost you over a long one.
Side by side
What to put side by side
| Line item | Why it matters | Easy to miss |
|---|---|---|
| Interest rate | Sets the payment | Quoted with points baked in |
| Points | Cash today for a lower rate | Only pays off over a long hold |
| Closing costs | Cash needed to complete | Sometimes rolled into the balance |
| Break-even month | When a refinance turns profitable | Rarely shown on a quote |
Ready to see the numbers?
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