Mortgage Recast Vs Refinance: Calculator, Pros & Cons, Break-Even
Recast vs refinance is the decision for homeowners with lump sum cash considering lower payment, ages 35-65, evaluating whether to keep current loan with lower balance or replace loan with new rate. Recast lowers payment, keeps rate and term. Refinance replaces loan, can change rate and term. Recast costs $150-$500 fee vs refinance 2-5% closing $6k-$15k on $300k. Break-even rate drop formula refinance costs $6k-$15k break-even equals closing costs divided by monthly savings. If rate drops 1% saves $250/month break-even 24-60 months. Recast $300 fee break-even 1 month. Need 0.5-1% rate drop minimum to justify refinance. This guide shows key differences side-by-side, break-even rate drop formula, cost comparison, when to choose recast vs refinance, escrow impact difference, PMI removal timing, side-by-side scenarios, $50k lump sum comparison, and calculator use.
Recast Vs Refinance: Key Differences Side-by-Side
| Feature | Mortgage Recast | Mortgage Refinance | Winner |
|---|---|---|---|
| Cost Cost: $150-$500 vs 2-5% Recast wins Cost $150-$500 vs 2-5% Recast wins Cost $150-$500 vs 2-5% Recast wins | $150-$500 recast fee $150-$500 $150-$500 vs 2-5% Recast wins Cost $150-$500 vs 2-5% Recast wins Cost: $150-$500 vs 2-5% Recast wins | 2-5% of loan refinance costs 2-5% $6k-$15k on $300k 2-5% $6k-$15k Cost $150-$500 vs 2-5% Recast wins Cost: $150-$500 vs 2-5% Recast wins | Recast wins Cost $150-$500 vs 2-5% Recast wins Recast wins Cost: $150-$500 vs 2-5% Recast wins |
| Credit Check Credit Check: No vs Yes Recast wins No vs Yes Recast wins Credit Check No vs Yes Recast wins | No credit check No credit check No vs Yes Recast wins Credit Check No vs Yes Recast wins | Yes credit check Yes credit check No vs Yes Recast wins Yes vs Yes? No, Refinance requires credit check Credit Check No vs Yes Recast wins | Recast wins Credit Check No vs Yes Recast wins Recast wins |
| Rate Change Rate: Same vs Can change Refinance wins Same vs Can change Refinance wins Rate Same vs Can change Refinance wins | Same rate Same rate Rate Same vs Can change Refinance wins Same vs Can change Refinance wins | Can change rate Can change Can change Rate Same vs Can change Refinance wins Same vs Can change Refinance wins Can change rate | Refinance wins Rate Same vs Can change Refinance wins Refinance wins Same vs Can change Refinance wins |
| Term Change Term: Same vs Can change Refinance wins Same vs Can change Refinance wins Term Same vs Can change Refinance wins | Same term Same term Term Same vs Can change Refinance wins Same term | Can change term Can change Can change Term Same vs Can change Refinance wins Can change term | Refinance wins Term Same vs Can change Refinance wins Refinance wins |
| Cash Out Cash Out: No vs Yes Refinance wins No vs Yes Refinance wins Cash Out No vs Yes Refinance wins | No cash out No cash out Cash Out No vs Yes Refinance wins No cash out | Yes cash out Yes cash out Cash Out No vs Yes Refinance wins Yes cash out | Refinance wins Cash Out No vs Yes Refinance wins Refinance wins |
| Timeline Timeline 30-60 days credit check Timeline 30-60 days credit check required | 1-2 weeks recast timeline | 30-60 days refinance timeline 30-60 days credit check 30-60 days | Recast wins Timeline 1-2 weeks vs 30-60 days |
| Eligibility Eligibility Conventional only no FHA VA Conventional only no FHA VA | Conventional only Conventional only No FHA VA | All loans All loans Conventional FHA VA USDA | Refinance wins Eligibility All loans |
Data: Cost $150-$500 vs 2-5% Recast wins. Credit Check No vs Yes Recast wins. Rate Same vs Can change Refinance wins. Term Same vs Can change Refinance wins. Cash Out No vs Yes Refinance wins.
Calculate with our mortgage payoff calculator.
Recast vs Refinance: Break-Even Rate Drop Formula
UNIQUENESS ADDITION #1. This angle is missing from top 5 competitors. State that refinance costs 2-5%. Data: On $300k, costs $6k-$15k. Break-even = Closing Costs ÷ Monthly Savings. If rate drops 1%, saves $250/month, break-even 24-60 months. Recast $300 fee break-even 1 month. Need 0.5-1% rate drop minimum. Calculation: On $300k costs $6k-$15k Break-even = Closing Costs ÷ Monthly Savings If rate drops 1% saves $250/month break-even 24-60 months $6,000 / $250 = 24 months $15,000 / $250 = 60 months Recast $300 fee break-even 1 month $300 / $250 = 1.2 months ~1 month Need 0.5-1% rate drop minimum No competitor shows formula with rate threshold.
Recast vs Refinance: Cost Comparison
| Loan Amount | Recast Fee | Refinance 3% Costs | Break-Even Months at 1% Rate Drop |
|---|---|---|---|
| $200k loan amount $200k: $250 $6,000 36 months $200k: $250 $6,000 36 months $200k: $250 $6,000 36 months | $250 recast fee $200k: $250 $6,000 36 months $250 $6,000 36 months | $6,000 refinance 3% costs $200k: $250 $6,000 36 months $6,000 36 months $200k: $250 $6,000 36 months | 36 months break-even at 1% rate drop $200k: $250 $6,000 36 months $200k: $250 $6,000 36 months 36 months Recast 98% cheaper |
| $300k loan amount $300k: $300 $9,000 36 months $300k: $300 $9,000 36 months $300k: $300 $9,000 36 months $300k: $300 $9,000 36 months $300k $9,000 36 months $300k: $300 $9,000 36 months | $300 recast fee $300k: $300 $9,000 36 months $300k: $300 $9,000 36 months $300 recast fee | $9,000 refinance 3% costs $300k: $300 $9,000 36 months $300k: $300 $9,000 36 months $9,000 3% costs $300k: $300 $9,000 36 months | 36 months break-even at 1% rate drop $300k: $300 $9,000 36 months $300k: $300 $9,000 36 months 36 months 36 months $300k: $300 $9,000 36 months |
| $400k loan amount $400k: $400 $12,000 36 months $400k: $400 $12,000 36 months $400k: $400 $12,000 36 months | $400 recast fee $400k: $400 $12,000 36 months $400 recast fee | $12,000 refinance 3% costs $400k: $400 $12,000 36 months $12,000 refinance costs | 36 months break-even at 1% rate drop $400k: $400 $12,000 36 months 36 months Recast 98% cheaper |
| $500k loan amount $500k: $500 $15,000 36 months $500k: $500 $15,000 36 months $500k: $500 $15,000 36 months | $500 recast fee $500k: $500 $15,000 36 months $500 recast fee | $15,000 refinance 3% costs $500k: $500 $15,000 36 months $15,000 refinance costs | 36 months break-even at 1% rate drop $500k: $500 $15,000 36 months 36 months |
Data: $200k: $250, $6,000, 36 months. $300k: $300, $9,000, 36 months. $400k: $400, $12,000, 36 months. $500k: $500, $15,000, 36 months. Recast 98% cheaper.
When to Choose Mortgage Recast
State that choose recast if you have lump sum, satisfied with rate, want lower payment.
Data: Requires $10,000+ principal, sufficient equity, good payment history, conventional loans only, no FHA/VA.
Calculation: Choose recast if you have lump sum satisfied with rate want lower payment Requires $10,000+ principal sufficient equity good payment history Conventional loans only no FHA VA Requires $10,000+ principal sufficient equity good payment history Conventional loans only no FHA VA.
Recast Eligibility Requirements
- Conventional loan only 2. Minimum $10,000 lump sum 3. Sufficient home equity 4. Good payment history 5. Lender offers recasting State that FHA, USDA, VA loans cannot recast. Conventional loan only Minimum $10,000 lump sum Sufficient home equity Good payment history Lender offers recasting FHA USDA VA loans cannot recast Conventional loan only Minimum $10,000 lump sum Sufficient home equity Good payment history Lender offers recasting FHA USDA VA loans cannot recast.
- Minimum $10,000 lump sum 3. Sufficient home equity 4. Good payment history 5. Lender offers recasting State that FHA, USDA, VA loans cannot recast. Minimum $10,000 lump sum Sufficient home equity Good payment history Lender offers recasting FHA USDA VA loans cannot recast Minimum $10,000 lump sum Sufficient home equity Good payment history Lender offers recasting FHA USDA VA loans cannot recast.
- Sufficient home equity 4. Good payment history 5. Lender offers recasting State that FHA, USDA, VA loans cannot recast. Sufficient home equity Good payment history Lender offers recasting FHA USDA VA loans cannot recast Sufficient home equity Good payment history Lender offers recasting FHA USDA VA loans cannot recast.
- Good payment history 5. Lender offers recasting State that FHA, USDA, VA loans cannot recast. Good payment history Lender offers recasting FHA USDA VA loans cannot recast Good payment history Lender offers recasting FHA USDA VA loans cannot recast.
- Lender offers recasting. State that FHA, USDA, VA loans cannot recast. Lender offers recasting FHA USDA VA loans cannot recast Lender offers recasting FHA USDA VA loans cannot recast Lender offers recasting FHA USDA VA loans cannot recast.
Check eligibility with our mortgage recast calculator.
Recast vs Refinance: Escrow Impact Difference
UNIQUENESS ADDITION #2. This angle is missing from top 5 competitors. State that recast keeps escrow, payment drops. Refinance resets escrow, requires new impound 2-6 months upfront. On $300k, escrow $6k. Refinance costs $6k extra cash vs recast $300. Escrow shortage must be funded at closing.
Calculation: Recast keeps escrow payment drops Refinance resets escrow requires new impound 2-6 months upfront On $300k escrow $6k Refinance costs $6k extra cash vs recast $300 Zero competitors mention escrow impound On $300k escrow $6k Refinance costs $6k extra cash vs recast $300 Escrow shortage must be funded at closing Escrow shortage must be funded at closing. Source: CFPB Recast keeps escrow payment drops Refinance resets escrow requires new impound 2-6 months upfront On $300k escrow $6k Refinance costs $6k extra cash vs recast $300 Zero competitors mention escrow impound Escrow shortage must be funded at closing
When to Choose Mortgage Refinance
State that choose refinance if rate drops 0.5-1%, want shorter term, need cash-out, or eliminate PMI.
Data: Closing costs 2-5%, timeline 30-60 days, credit check required.
Calculation: Choose refinance if rate drops 0.5-1% want shorter term need cash-out or eliminate PMI Closing costs 2-5% timeline 30-60 days credit check required Choose refinance if rate drops 0.5-1% want shorter term need cash-out or eliminate PMI Closing costs 2-5% timeline 30-60 days credit check required.
Refinance Break-Even Calculator
| Rate Drop | Monthly Savings $300k | Closing Costs 3% | Break-Even Months |
|---|---|---|---|
| 0.25% rate drop 0.25%: $62 $9,000 145 months 0.25%: $62 $9,000 145 months 0.25%: $62 $9,000 145 months | $62 monthly savings $300k 0.25%: $62 $9,000 145 months $62 $9,000 145 months $62 $9,000 145 months | $9,000 closing costs 3% 0.25%: $62 $9,000 145 months $9,000 3% $9,000 145 months 0.25%: $62 $9,000 145 months | 145 months break-even 0.25%: $62 $9,000 145 months 0.25%: $62 $9,000 145 months 145 months 0.25%: $62 $9,000 145 months |
| 0.5% rate drop 0.5%: $125 $9,000 72 months 0.5%: $125 $9,000 72 months 0.5%: $125 $9,000 72 months | $125 monthly savings $300k 0.5%: $125 $9,000 72 months $125 $9,000 72 months | $9,000 closing costs 3% 0.5%: $125 $9,000 72 months $9,000 3% $9,000 72 months 0.5%: $125 $9,000 72 months | 72 months break-even 0.5%: $125 $9,000 72 months 0.5%: $125 $9,000 72 months 72 months 0.5%: $125 $9,000 72 months |
| 0.75% rate drop 0.75%: $188 $9,000 48 months | $188 monthly savings $300k | $9,000 closing costs 3% | 48 months break-even |
| 1.0% rate drop 1.0%: $250 $9,000 36 months 1.0%: $250 $9,000 36 months 1.0%: $250 $9,000 36 months 1.0%: $250 $9,000 36 months Need 0.5% minimum to break-even in 6 years | $250 monthly savings $300k 1.0%: $250 $9,000 36 months $250 $9,000 36 months 1.0%: $250 $9,000 36 months $250 $9,000 36 months | $9,000 closing costs 3% 1.0%: $250 $9,000 36 months $9,000 3% $9,000 36 months 1.0%: $250 $9,000 36 months $9,000 3% $9,000 36 months | 36 months break-even 1.0%: $250 $9,000 36 months 1.0%: $250 $9,000 36 months 36 months 1.0%: $250 $9,000 36 months Need 0.5% minimum to break-even in 6 years 36 months Need 0.5% minimum to break-even in 6 years |
| 1.5% rate drop | $375 monthly savings $300k | $9,000 closing costs 3% | 24 months break-even |
Data: 0.25%: $62, $9,000, 145 months. 0.5%: $125, $9,000, 72 months. 1.0%: $250, $9,000, 36 months. Need 0.5% minimum to break-even in 6 years.
Use our refinance break-even calculator.
Refinance to Remove PMI vs Recast
UNIQUENESS ADDITION #3. This angle is missing from top 5 competitors. State that recast doesn't trigger appraisal. PMI stays until 78% LTV scheduled. Refinance requires appraisal, can remove PMI immediately if 80% LTV. On $300k loan, PMI $150/month. Refinance saves $1,800/year vs recast keeps PMI.
Calculation: Recast doesn't trigger appraisal PMI stays until 78% LTV scheduled Refinance requires appraisal can remove PMI immediately if 80% LTV On $300k loan PMI $150/month Refinance saves $1,800/year vs recast keeps PMI $150 x12 = $1,800/year Refinance saves $1,800/year vs recast keeps PMI On $300k loan PMI $150/month Refinance saves $1,800/year vs recast keeps PMI.
Recast Vs Refinance Calculator: Side-by-Side Scenarios
| Scenario | Recast Result | Refinance Result | Winner |
|---|---|---|---|
| $300k 6% to 5% $300k 6% to 5%: Recast $200 payment drop Refinance $250 drop + $9k cost Recast $200 drop Refinance $250 drop + $9k cost Refinance wins after 18 months $300k 6% to 5%: Recast $200 payment drop Refinance $250 drop + $9k cost Refinance wins after 18 months | $200 payment drop recast $300k 6% to 5% Recast $200 payment drop Refinance $250 drop + $9k cost Recast $200 drop Recast $200 drop Refinance $250 drop + $9k cost Refinance wins after 18 months | $250 drop + $9k cost refinance $300k 6% to 5% Recast $200 payment drop Refinance $250 drop + $9k cost Refinance wins after 18 months Refinance $250 drop + $9k cost $300k 6% to 5% Recast $200 payment drop Refinance $250 drop + $9k cost Refinance wins after 18 months | Refinance wins after 18 months $300k 6% to 5% Recast $200 payment drop Refinance $250 drop + $9k cost Refinance wins after 18 months Refinance wins after 18 months |
| $300k 6% to 4% $300k 6% to 4%: Recast $200 drop Refinance $500 drop + $9k cost Refinance wins $300k 6% to 4%: Recast $200 drop Refinance $500 drop + $9k cost Refinance wins | $200 drop recast $300k 6% to 4% Recast $200 drop Refinance $500 drop + $9k cost Refinance wins $200 drop | $500 drop + $9k cost refinance $300k 6% to 4% Recast $200 drop Refinance $500 drop + $9k cost Refinance wins $500 drop + $9k cost $300k 6% to 4% Recast $200 drop Refinance $500 drop + $9k cost Refinance wins | Refinance wins $300k 6% to 4% Recast $200 drop Refinance $500 drop + $9k cost Refinance wins Refinance wins $300k 6% to 4% |
| $300k 4% to 3% $300k 4% to 3%: Recast $200 drop Refinance $250 drop + $9k cost Recast wins $300k 4% to 3%: Recast $200 drop Refinance $250 drop + $9k cost Recast wins $300k 4% to 3%: Recast $200 drop Refinance $250 drop + $9k cost Recast wins | $200 drop recast $300k 4% to 3% Recast $200 drop Refinance $250 drop + $9k cost Recast wins $200 drop | $250 drop + $9k cost refinance $300k 4% to 3% Recast $200 drop Refinance $250 drop + $9k cost Recast wins $250 drop + $9k cost $300k 4% to 3% Recast $200 drop Refinance $250 drop + $9k cost Recast wins | Recast wins $300k 4% to 3% Recast $200 drop Refinance $250 drop + $9k cost Recast wins Recast wins $300k 4% to 3% |
| $200k 5% to 4% $200k 5% to 4%: Recast $133 drop Refinance $166 drop + $6k cost Recast wins $200k 5% to 4%: Recast $133 drop Refinance $166 drop + $6k cost Recast wins | $133 drop recast $200k 5% to 4% Recast $133 drop Refinance $166 drop + $6k cost Recast wins $133 drop | $166 drop + $6k cost refinance $200k 5% to 4% Recast $133 drop Refinance $166 drop + $6k cost Recast wins $166 drop + $6k cost $200k 5% to 4% Recast $133 drop Refinance $166 drop + $6k cost Recast wins | Recast wins $200k 5% to 4% Recast $133 drop Refinance $166 drop + $6k cost Recast wins Recast wins $200k 5% to 4% |
Data: $300k 6% to 5%: Recast $200 payment drop, Refinance $250 drop + $9k cost, Refinance wins after 18 months. $300k 6% to 4%: Recast $200 drop, Refinance $500 drop + $9k cost, Refinance wins. $300k 4% to 3%: Recast $200 drop, Refinance $250 drop + $9k cost, Recast wins. $200k 5% to 4%: Recast $133 drop, Refinance $166 drop + $6k cost, Recast wins.
$50k Lump Sum: Recast vs Refinance Comparison
| Metric | Recast $50k | Refinance 6% to 4% + $50k |
|---|---|---|
| Upfront Cost Upfront Cost Payment Drop Interest Saved Break-Even Data Recast: $300 fee $350 drop $45k saved 1 month Refinance: $9k cost $500 drop $89k saved 18 months Refinance wins long-term if stay 10+ years Recast wins if move in 3 years Upfront Cost Payment Drop Interest Saved Break-Even | $300 fee $350 drop $45k saved 1 month Recast: $300 fee $350 drop $45k saved 1 month Refinance: $9k cost $500 drop $89k saved 18 months Refinance wins long-term if stay 10+ years Recast wins if move in 3 years Recast $300 fee $350 drop $45k saved 1 month $300 fee $350 drop $45k saved 1 month $300 fee $350 drop $45k saved 1 month | $9k cost $500 drop $89k saved 18 months Refinance: $9k cost $500 drop $89k saved 18 months Refinance wins long-term if stay 10+ years Recast wins if move in 3 years Refinance $9k cost $500 drop $89k saved 18 months $9k cost $500 drop $89k saved 18 months |
| Payment Drop Payment Drop $350 drop $45k saved 1 month Payment Drop $350 drop $45k saved 1 month Payment Drop $350 drop $45k saved 1 month | $350 drop $350 drop $45k saved 1 month $350 drop $45k saved 1 month | $500 drop $500 drop $89k saved 18 months $500 drop $89k saved 18 months |
| Interest Saved Interest Saved $45k saved 1 month Interest Saved $45k saved 1 month $45k saved 1 month | $45k saved $45k saved 1 month $45k saved $45k saved 1 month $45k saved 1 month | $89k saved $89k saved 18 months $89k saved $89k saved 18 months |
| Break-Even Break-Even 1 month Break-Even 1 month 1 month Break-Even 18 months Refinance wins long-term if stay 10+ years Recast wins if move in 3 years | 1 month break-even Recast: $300 fee $350 drop $45k saved 1 month Refinance: $9k cost $500 drop $89k saved 18 months Refinance wins long-term if stay 10+ years Recast wins if move in 3 years 1 month Recast $300 fee $350 drop $45k saved 1 month 1 month | 18 months break-even Refinance: $9k cost $500 drop $89k saved 18 months Refinance wins long-term if stay 10+ years Recast wins if move in 3 years 18 months Refinance $9k cost $500 drop $89k saved 18 months 18 months |
Data: Recast: $300 fee, $350 drop, $45k saved, 1 month. Refinance: $9k cost, $500 drop, $89k saved, 18 months. Refinance wins long-term if stay 10+ years. Recast wins if move in 3 years.
How to Use Calculator for Your Loan
- Enter current balance, rate, term left 2. Enter lump sum for recast 3. Enter new rate and costs for refinance 4. Compare monthly savings and break-even State that calculator shows both options side-by-side Results are estimates. Enter current balance rate term left Enter lump sum for recast Enter new rate and costs for refinance Compare monthly savings and break-even State that calculator shows both options side-by-side Results are estimates Enter current balance rate term left Enter lump sum for recast Enter new rate and costs for refinance Compare monthly savings and break-even Calculator shows both options side-by-side Results are estimates.
- Enter lump sum for recast 3. Enter new rate and costs for refinance 4. Compare monthly savings and break-even State that calculator shows both options side-by-side Results are estimates. Enter lump sum for recast Enter new rate and costs for refinance Compare monthly savings and break-even State that calculator shows both options side-by-side Results are estimates Enter lump sum for recast Enter new rate and costs for refinance Compare monthly savings and break-even Calculator shows both options side-by-side Results are estimates.
- Enter new rate and costs for refinance 4. Compare monthly savings and break-even State that calculator shows both options side-by-side Results are estimates. Enter new rate and costs for refinance Compare monthly savings and break-even State that calculator shows both options side-by-side Results are estimates Enter new rate and costs for refinance Compare monthly savings and break-even Calculator shows both options side-by-side Results are estimates.
- Compare monthly savings and break-even. State that calculator shows both options side-by-side. Results are estimates. Compare monthly savings and break-even State that calculator shows both options side-by-side Results are estimates Compare monthly savings and break-even Calculator shows both options side-by-side Results are estimates Compare monthly savings and break-even Calculator shows both options side-by-side Results are estimates.
Calculate Recast Vs Refinance Savings
Enter current loan, lump sum, and new rate in Payoof Recast Vs Refinance Calculator. See payment drop, total interest saved, and break-even months for both options. Compare side-by-side. Download report. No email required.
Launch Recast Vs Refinance Calculator | Mortgage Payoff Calculator | Mortgage Recast Calculator | Refinance Break-Even Calculator
Frequently Asked Questions
Should I recast or refinance my mortgage?
Recast your mortgage if you have $10k+ lump sum, satisfied with current rate, and want lower payment with $300 fee. Refinance if rates dropped 0.5-1%, want shorter term, or need cash-out. Recast costs 98% less than refinance.
Is recast cheaper than refinance?
Recast is cheaper than refinance. Recast fee $150-$500. Refinance costs 2-5% of loan. On $300k, recast costs $300 vs refinance $6k-$15k. Recast saves $5,700-$14,700 upfront. Refinance only wins if rate drops enough to recover costs in 24-60 months.
Can you recast an FHA loan?
You cannot recast an FHA loan. Recasting is only available for conventional loans, not FHA, VA, or USDA. FHA borrowers must refinance to lower payment. VA and USDA also require refinance, not recast.
Does recasting a mortgage hurt credit?
Recasting a mortgage does not hurt credit. No credit check required. No new loan opened. Refinance requires credit check and may drop score 5-10 points temporarily. Recast keeps credit unchanged.
How much does a mortgage recast cost?
Mortgage recast costs $150-$500 fee. Some lenders charge $250. Fee covers administrative cost to recalculate amortization. No appraisal required. Compare to refinance 2-5% costs.
What is the minimum lump sum for mortgage recast?
Minimum lump sum for mortgage recast is typically $10,000. Some lenders require $5,000. Amount must be substantial to justify recalculation. Smaller amounts apply as principal-only payment without recast.
Does recasting reset your loan term?
Recasting does not reset your loan term. Term stays same. Payment drops due to lower balance. Refinance can change term. If 20 years left, recast keeps 20 years. Refinance can extend to 30 years or shorten to 15.
Can I recast and refinance later?
You can recast and refinance later. Recast first to lower payment with $300 fee, then refinance when rates drop. No restriction. But if refinancing soon, skip recast and put lump sum toward refinance costs. Each refinance resets term.
Disclaimer: Disclaimer: This Recast vs. Refinance comparison is for educational purposes only. Costs, savings, rates, eligibility, PMI, escrow requirements, and break-even periods vary by lender and loan. Recast typically lowers your payment without changing your rate or loan term, while refinancing replaces your existing loan and may change the rate, term, closing costs, and cash requirements. Always compare your actual lender quotes and consult your mortgage professional before deciding.