Calculator
Is refinancing worth it?
What a new rate or a new term does to the monthly payment, and how many months it takes for the saving to cover the cost of doing it.
Current Loan
$
%
$
New Loan
$
$
%
Monthly Savings
+$331
Current Payment$2,657
New Payment$2,326
New Loan Amount$388,000
Time to Recoup Fees25 mo
Current Total Interest$576,525
New Total Interest$449,452
Lifetime Interest Savings$127,073
What this is telling you
The break-even month is the number that matters. If you plan to move before it, refinancing costs you money.
An estimate from the assumptions above, not a quote and not an offer to lend. Rates, taxes, insurance and mortgage insurance all vary by property, credit profile and day.
Want somebody to check the assumptions?
Send us the numbers you put in and we will tell you which of them an underwriter would push back on.
Or call(503) 555-0175and ask for whoever is free.
