How do I know when it is the right time to refinance? I know the mortgage rates have dropped at least a little bit, and I would really love to get a lower interest rate and same a bit of money on my monthly payments and on the loan overall. Is there some sort of calculator available from the mortgage services companies that would help me figure out if they have dropped enough so that it would save me money even after paying the closing costs for the new loan? That would be very helpful, so I would love it if someone could tell me where to find one of these.