Refinancing your mortgage allows you to change the term of your current mortgage. You can take advantage of lower interest rates should you opt to refinance. However, you may risk paying a lot of money for fees because you’re breaking your existing mortgage for a new one. It’s a difficult decision to make, but our Refinance Mortgage Calculator can make it easier for you. The calculator will show any savings you could have in your monthly payments if you choose to refinance. You can then compare these savings to the fees required for refinancing.