The honest math on penalty, savings, equity access, and break-even — so you know if breaking your mortgage is worth it before you sign anything.
Pull these from your most recent mortgage statement. All inputs update results live.
Roll high-interest debt into the new mortgage and see the cash flow impact.
Want me to pull your real penalty from the lender and confirm the math? Send this scenario and I'll get back to you within one business day.
Penalty estimate: For variable mortgages, lenders typically charge 3 months' interest. For fixed mortgages, it's the greater of 3 months' interest or the Interest Rate Differential (IRD) — the difference between your current rate and the lender's current posted rate for a term matching your remaining time, multiplied by your balance and time remaining. Big-6 banks calculate IRD using posted rates, which is why their penalties are much higher than monolines.
Equity available: Refinances are capped at 80% loan-to-value (LTV). Equity available = (home value × 80%) − current balance.
Break-even: The total cost of refinancing (penalty + legal + appraisal) divided by the monthly cash flow improvement. If you'll stay in the home (or keep this mortgage) longer than the break-even, refinancing makes sense.
Debt consolidation: Rolling 19.99% credit card debt into a 4.29% mortgage can save hundreds per month — but only if you don't run the cards back up. The math here assumes the consolidated debt is paid off entirely.
I'll pull the discharge statement from your lender, run the numbers against current market rates, and tell you straight whether refinancing makes sense.