Refinance Calculator

Refinancing will reduce your monthly mortgage payment by $2,245.22.

By refinancing, you’ll save $2,754.78 monthly.

Interest you will save, if you refinance

CURRENT

$116,482.32

-

NEW

$308,280.44

YOUR SAVINGS

-$191,798.12

Refinancing will reduce your monthly mortgage payment by $2,245.22.

By refinancing, you’ll save $2,754.78 monthly.

Interest you will save, if you refinance

CURRENT

$116,482.32

-

NEW

$308,280.44

=

SAVINGS

-$191,798.12

Summary:

If you refinance your current 4.20% mortgage to a 3.50% mortgage, your monthly payment will drop by $2,754.78 and you will save -$191,798.12 in interest charges over the life of the mortgage. However, in order for this refinancing to yield any savings at all you will need to stay in your current home for at least 0 months. That's how long it will take for your monthly payment savings to offset the closing costs attributable to refinancing.

$
Ask your mortgage lender for current payoff amount.
%
Your mortgage's current interest rate.
$
Amount of your monthly payment (principal & interest only).
Years
The number of years you will be refinancing for.
%
Interest rate you will be refinancing at.
$
The closing costs that will be required for refinancing. (If you're not sure, multiply your current balance owed by .02 )
Summary:

If you refinance your current 4.20% mortgage to a 3.50% mortgage, your monthly payment will drop by $2,754.78 and you will save -$191,798.12 in interest charges over the life of the mortgage. However, in order for this refinancing to yield any savings at all you will need to stay in your current home for at least 0 months. That's how long it will take for your monthly payment savings to offset the closing costs attributable to refinancing.