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Mortgage Refinance Calculator
Compare your current mortgage with refinancing options to determine potential savings
Monthly Savings
+$344
Per month
Break-Even Time
1 years, 8 months
To recover costs
Closing Costs
$6,750
Total upfront costs
Recommendation
Highly Recommended
Break-even in 1 years, 8 months - excellent savings
Current Mortgage
Current Loan Summary
Monthly P&I Payment: $1,891
Monthly PMI: $0
Total Monthly Payment: $1,891
Current LTV: 70.00%
Remaining Interest: $287,174
New Mortgage
Additional cash you want to take out
Each point costs 1% of loan amount
New Loan Summary
New Loan Amount: $280,000
Effective Rate: 5.25%
Monthly P&I Payment: $1,546
Monthly PMI: $0
Total Monthly Payment: $1,546
New LTV: 70.00%
Total Interest: $276,621
Closing Costs & Analysis
Total Costs
Origination Fee: $1,200
Appraisal: $500
Title Insurance: $800
Points Cost: $0
Other Costs: $4,250
Total Closing Costs: $6,750
Upfront Cash Needed: $6,750
Savings Analysis
Monthly Savings: $344
Annual Savings: $4,133
Interest Savings: $10,553
Break-even Time: 1 years, 8 months
Year-by-Year Payment Comparison
| Year | Current Interest | Current Balance | New Interest | New Balance | Interest Savings |
|---|---|---|---|---|---|
| 1 | $18,064 | $275,377 | $14,606 | $276,052 | $3,458 |
| 2 | $17,754 | $270,444 | $14,394 | $271,891 | $3,361 |
| 3 | $17,424 | $265,181 | $14,170 | $267,507 | $3,254 |
| 4 | $17,071 | $259,566 | $13,934 | $262,887 | $3,137 |
| 5 | $16,695 | $253,574 | $13,686 | $258,019 | $3,010 |
| 6 | $16,294 | $247,181 | $13,424 | $252,888 | $2,870 |
| 7 | $15,866 | $240,360 | $13,148 | $247,482 | $2,718 |
| 8 | $15,409 | $233,082 | $12,857 | $241,785 | $2,552 |
| 9 | $14,922 | $225,317 | $12,551 | $235,781 | $2,371 |
| 10 | $14,402 | $217,032 | $12,228 | $229,455 | $2,174 |
Refinancing Tips
When to Refinance
- • Interest rates drop by 0.5-1% or more
- • You plan to stay in the home beyond break-even
- • Your credit score has improved significantly
- • You want to switch from ARM to fixed rate
- • You need to eliminate PMI
Things to Consider
- • Closing costs vs. monthly savings
- • How long you plan to stay in the home
- • Cash-out needs vs. home equity
- • Impact on total interest paid over loan life
- • Tax implications of cash-out refinancing