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Lower your rate or shorten your term, with no cash out
A rate-and-term refinance replaces your loan with a new one at a better rate, a different term (e.g. 30 → 15 years), or both — without increasing the balance. It’s the most common refinance, used to cut monthly payments or pay the loan off faster.
Illustrated refinance break-even as of 2026-08. Dollars are examples, not your file.
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| Question | Modest costs | Costs include a point | Thin monthly savings |
|---|---|---|---|
| Illustrated cash costs | $3,000 | $6,000 | $4,000 |
| Illustrated monthly P&I savings | $200 | $150 | $50 |
| Break-even months | 15 months | 40 months | 80 months |
| If you move or refinance again in 24 months | About 15 months. In this illustration, a 24-month stay earns the costs back. | About 40 months. In this illustration, a 24-month stay does not earn the costs back. | About 80 months. In this illustration, a 24-month stay does not earn the costs back. |
Break-even months ≈ cash costs ÷ monthly principal-and-interest savings. Cash costs include appraisal, title, recording, prepaid interest, origination, and discount points, minus lender credits. Use old P&I minus new P&I. Do not treat a tax, insurance, or HOA change as “savings.” Dollar figures on education pages are worked examples for illustration. They are not your payment, cash to close, or an offer of credit.
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Loan information is provided by Ondo Real Estate (NMLS ID on file). This is not a commitment to lend, a loan approval, or an offer of credit. Rates, terms, and payments shown are estimates for illustration only, are not a quote, and are subject to credit approval, underwriting, and market conditions. You are not required to use Ondo for financing to buy or sell with Ondo. Equal Housing Lender. Program rules, fees, and county loan limits change. Confirm the current published schedule and lender overlays. Nothing here is a quote, a lock, or a credit decision. Licensing and disclosures