Worked example
| Line | Result |
|---|---|
| Current loan | $400,000 at 6.5%, 25 years |
| New loan | $400,000 at 5.5%, 30 years |
| Closing costs | $8,000 |
| Monthly savings | $430/mo |
| Break-even | 19 months |
| Cash-out | $0 |
| Lifetime savings | $146,682 |
Worked example: the calculator's own starting figures, run through its formulas. Replace them with your deal.
Questions
Frequently asked
What does the refinance calculator ask for?
The current loan balance, rate and remaining term; the new loan amount, rate and term; and the closing costs.
What results does it show?
Monthly savings (current payment minus new payment), the break-even point in months (closing costs divided by the monthly savings), the cash-out (new loan minus current balance) and lifetime savings over the new term after closing costs.
Can I save the comparison?
Yes. Download it as an Excel file or email the results.
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