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How is this different from a pros and cons list?

Traditional pros/cons lists treat all factors equally and rely on your in-the-moment thinking. Dcider weighs options against your pre-defined personal values, providing an objective alignment score. The AI also surfaces considerations you might miss and tracks patterns across all your decisions over time.

Does the AI make decisions for me?

No. Dcider provides analysis and alignment scores, but you always make the final choice. Think of it as a thinking partner that helps you see how options align with what you've said matters to you. The goal is clarity, not automation.

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What kind of decisions is Dcider best for?

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How do I set up my values?

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Is Dcider available on Android?

Currently, Dcider is iOS-only. We're focused on making the iOS experience great first. Android support may come in the future based on demand.

FinanceUpdated Jan 2026

Should I Refinance My Mortgage? A Values-Based Decision Framework

Interest rates have changed, and you're wondering if refinancing could save you money. But the fees, paperwork, and complexity are daunting. You're not sure if the savings are worth the hassle or if you're overlooking something important in the math.

Key Takeaway

This decision is fundamentally about Long-Term Savings vs. Monthly Cash Flow. Your choice will also impact your simplicity.

The Core Values at Stake

This decision touches on several fundamental values that may be in tension with each other:

Long-Term Savings

Your desire to minimize total interest paid over your mortgage. Refinancing at a lower rate can save tens of thousands.

Monthly Cash Flow

Your need for lower monthly payments now. Refinancing can reduce payments but may increase total cost if you extend the term.

Simplicity

Your tolerance for paperwork and complexity. Refinancing involves significant documentation and closing process.

Flexibility

Your plans for how long you'll stay in this home. Breaking even on refinancing takes time.

Risk Management

Your approach to rate risk. Refinancing from adjustable to fixed locks in predictability.

5 Key Questions to Ask Yourself

Before making this decision, work through these questions honestly:

1How many years do I plan to stay in this home?
2What are the total closing costs, and how long to break even?
3Am I extending my loan term and resetting the clock on paying off my home?
4What's my current rate vs. available rates?
5Do I have other uses for the closing costs that might be better?

Key Considerations

As you weigh this decision, keep these important factors in mind:

Current rate vs. available rates (typically need 0.5-1% improvement)

Total closing costs (usually 2-5% of loan amount)

Break-even timeline (closing costs / monthly savings)

How long you plan to stay in the home

Whether you're extending your loan term

Your current equity and ability to qualify

Cash-out refinance implications if applicable

Watch Out For: Monthly Payment Myopia

We focus on lower monthly payments while ignoring total cost. Refinancing to a lower payment by extending your term often means paying more total interest. A $1,400 payment for 30 years costs far more than $1,600 for 20 years. Look at total cost, not just monthly numbers.

Make This Decision With Clarity

Don't just guess. Use Dcider to calculate your alignment score and make decisions that truly reflect your values.

Download on the App Store

Frequently Asked Questions

When does refinancing make sense?

Generally when: you can reduce your rate by at least 0.5-1%, you'll stay in the home long enough to break even on closing costs (typically 2-5 years), and you're not extending your term significantly. The bigger the rate drop and longer your remaining time in the home, the more sense it makes.

How do I calculate if refinancing is worth it?

Calculate break-even: total closing costs divided by monthly savings equals months to break even. If you'll stay longer than the break-even period, refinancing probably makes sense. Also compare total interest paid over the full loan term between current and new mortgages.

Should I refinance to a 15-year mortgage?

If you can afford the higher payment, a 15-year mortgage saves significant interest and typically has lower rates. But don't stretch your budget too thin—the payment flexibility of a 30-year mortgage with extra payments when possible can be valuable.

Is cash-out refinancing a good idea?

Usually not for discretionary spending—you're converting home equity to debt. It can make sense for true investments (home improvements that add value, consolidating much higher-interest debt) but requires discipline. Don't treat your home as an ATM.

Related Decisions

Should I Buy or Rent a Home?

Society often frames homeownership as a milestone of success, creating pressure to buy even when it may not make sense. Meanwhile, renting is dismissed as 'throwing money away.' This oversimplification creates anxiety whether you're itching to buy or feeling content renting, wondering if you're making a financial mistake.

Should I Pay Off Debt Early?

You have extra money and face a choice: throw it at debt or invest it. The math might favor one option, but the psychological weight of debt—the monthly payments, the feeling of owing—makes the decision more complicated than a spreadsheet suggests.

Should I Hire a Financial Advisor?

Your finances are getting complicated—or you just don't want to deal with them yourself. But you've heard horror stories about bad advisors charging high fees for poor performance. You're trying to decide if professional help is worth it or if you should just DIY.

People Also Considered

Similar decisions in other areas of life:

Start a Business Quit My Job Move to a New City

Sources

Agarwal, S., et al. (2013). Optimal Mortgage Refinancing: A Closed-Form Solution. Journal of Financial Economics.
Keys, B. J., et al. (2016). Failure to Refinance. Journal of Financial Economics.

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