Refinance Calculator

Current Mortgage

$
%
yrs
$

Leave blank to auto-calculate: $1,688.02/mo

Refinanced Mortgage

%
yrs
$
%
✓

Refinancing saves you $4,922 over 30 years

You break even after 15 months (1.3 years). After that, you save $307.51 every month.

Monthly Savings

+$307.51

Interest Saved

$9,422

Break-Even

15 mo

Net Savings

$4,922

How Refinancing Works

When it makes sense:

  • Rate drops 0.75%+ from your current rate
  • You plan to stay in the home past the break-even point
  • Your credit score has improved significantly
  • You want to switch from ARM to fixed rate

What to consider:

  • Closing costs typically run 2-5% of the loan
  • A longer term may lower payments but increase total interest
  • Discount points buy down the rate (1 point = 1% of loan)
  • Cash-out refi increases balance but provides funds
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