A higher mortgage rate can buy a credit toward your closing costs, but you pay for it every month. Enter your own loan and the options your lender quoted to see exactly when that trade comes out ahead, and when the lower rate wins, by the month you refinance.
This calculator produces estimates from the numbers you enter, using standard amortization (principal and interest only; taxes, insurance, and mortgage insurance are excluded). It is not a rate quote, an offer, or a commitment to lend, is not financial or lending advice, and is not affiliated with or a quote from any lender. Your actual rates, credits, and payments will differ. Verify all figures with a licensed mortgage professional.