The term extension trap
A refinance can lower your monthly payment by stretching the loan out. That can be a valid cashflow choice—but it often increases total interest. This page shows what to check.
What to compare
- Does the term get longer than your current months remaining?
- Does total cost go down, or up?
- Is break-even reachable (fees paid back in time)?
A common pattern
Small APR drop + longer term + meaningful fees = payment down, but total cost up.