Refi Check
Should you refinance? Get the break-even answer for your loan
Refinancing only pays off if you save enough, soon enough, to cover the closing costs. Upload your latest mortgage statement and we work out the rate you can likely get for your credit profile, your monthly savings, and how many months it takes to break even. You don't need any offers yet.
Refi Check
$49one-time, no subscription
Usually ready in a few minutes once your statement is uploaded. You download it as a PDF from your account.
See a sample report first (PDF, opens in a new tab)- If we can't produce your report, email hello@mortgagelens.ai and we'll refund you in full.
- Independent. We never take money from lenders.
Also included in the Refi Pilot bundle, with two other reports for the same refinance.
- Reads your mortgage statement for you
- Expected rate for your credit profile, based on this week's national average
- Break-even, monthly savings and lifetime interest math
Who it's for
Is Refi Check right for you?
Rates dropped since you got your loan
You keep hearing rates are lower and want to know if the drop is big enough to matter for your loan.
You haven't shopped yet
You want a clear answer before you start calling lenders and handing out your information.
You pay mortgage insurance
Share your home's estimated value and we also work out when you could ask to cancel PMI, with or without a refinance.
What you get
What's in your Refi Check report
What you'll need
One document and a few quick answers.
- Your most recent mortgage statement: a PDF (up to 20 MB) or a clear photo (up to 3.5 MB)
- Your credit score range
- Roughly how long you plan to stay in the home
- Optional: your home's estimated value, for the PMI check
No statement handy? You can type in your loan details instead.
A plain-English answer
Whether refinancing looks worth pursuing now, is worth waiting on, or doesn't pay off at today's rates for your loan.
The math
Expected rate range for your credit tier, new payment, monthly savings, break-even month and the lifetime interest difference.
Assumptions, written down
Closing costs, term and rate assumptions stated plainly, so you can hold real offers up against them.
What would change the answer
Specific conditions to watch, such as a rate level or a better credit tier, that would make refinancing worth another look.
PMI cancellation timing
If you pay mortgage insurance and share your home value, when you could ask to have it removed.
Rate check-ins if you wait
If our answer is wait or skip, we check rates every day for up to a year. Once the 30-year average has dropped at least 0.25 points, we re-run your numbers and email you if refinancing would then save at least $150 a month and earn back closing costs within 3 years (and within half the time you plan to stay). At most one email a month, and you can stop them anytime.
How it works
How Refi Check works
Step 1: Buy and upload your statement
Check out, then drop in your latest mortgage statement. We show you what we read so you can correct anything.
Step 2: Answer a few questions
Your credit score range, how long you plan to stay, and optionally your home's value. Our code does the math; AI applies our written rules to give the read (refinance now, wait or skip) and writes the explanation.
Step 3: Download your report
Your PDF is usually ready in a few minutes. If the answer is go, the next step is collecting Loan Estimates to compare.
How break-even works
The one number that decides most refinances
Break-even is how long it takes for your monthly savings to pay back the cost of refinancing. Divide the closing costs by the monthly savings. If you're likely to sell or refinance again before you reach that month, the refinance costs more than it saves.
Example
Closing costs of $4,000 and savings of $160 a month: $4,000 ÷ $160 = 25 months to break even. Stay five more years and you keep saving for about 35 months after that.
Refi Check assumes you pay closing costs in cash and keep the years you have left on your loan, rather than starting a fresh 30-year term, so the savings it shows are real savings and not just a longer loan. Want to try your own numbers first? Use the free refinance calculator.
Sample report
See a full sample Refi Check
A fictional homeowner weighing a refinance, with the break-even math, PMI timing and the conditions that would change the answer.
FAQ
Refi Check questions
Do I need a refinance offer first?
No. Refi Check estimates the rate you're likely to be offered from your credit score range and current market rates. If the answer is to go ahead, the next step is collecting Loan Estimates from a few lenders.
What rate do you use?
A range based on your credit score tier and current national average mortgage rates. Real offers vary by lender, so treat it as a guide, not a quote. The report states the rate it used so you can compare it with the offers you get.
How is this different from the free refinance calculator?
The calculator uses the numbers you type in. Refi Check reads your statement, estimates the rate for your credit profile, states its assumptions, checks PMI timing and tells you what would change the answer, in a report you keep.
What happens if the answer is to wait?
We check rates every day for up to a year. Once the 30-year average has dropped at least 0.25 points from where it stood when your report ran (or when we last emailed you), we re-run your numbers. We email you only if refinancing would then save at least $150 a month and earn back closing costs within 3 years, and within half the time you plan to stay. You get at most one email a month, and every email has a link to stop them.
Is this financial advice?
No. It's an independent analysis of your numbers to help you decide. We don't sell loans, and we never take money from lenders.
What if you can't produce my report?
If we can't produce your report, email hello@mortgagelens.ai and we'll refund you in full.
Find out if refinancing pays off for you.
Upload your mortgage statement and get the break-even answer, with the math and assumptions written down.
$49one-time
Usually ready in a few minutes once your statement is uploaded.
Keep reading
Related guides and tools
Free calculator
Refinance calculator
Try your own numbers: new payment, monthly savings and how long until you break even. Free, no sign-up.
Report
Estimate Compare
Upload 2 to 4 Loan Estimates. See which offer costs less, which fees look unusual, and what to raise with each lender.
Guide
How to read your Loan Estimate, page by page
What each part of the three-page form means, which closing costs you can shop for, red flags to look for, and how to compare two offers.
Guide
Mortgage junk fees and how to push back
Which lender fees are negotiable, common padded charges to question, what you can't change, and wording you can adapt when you ask a lender to cut fees.
Free calculator
Mortgage payment calculator
Your full monthly payment: principal, interest, taxes, insurance and PMI. Free, no sign-up.
Report
Closing Disclosure Audit
Your Closing Disclosure checked line by line against your Loan Estimate and the federal tolerance limits, before you sign.