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Refinancing can lower your monthly payment, reduce your interest rate, or change your loan term. This calculator helps you compare your current mortgage with a refinanced loan to see if the savings justify the closing costs.
Refinance Calculator
Results
Monthly Savings
26 yr 7.086039752875422 mo
Current Monthly Payment
$1,766.95
New Monthly Payment
$1,447.86
Total Savings
$3,854.09
Break-Even Point
1 yr 4 mo
Closing Costs
$5,000.00
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How It Works
We compare your current remaining mortgage payments with the new loan payments plus closing costs. The break-even point is when your cumulative savings exceed the closing costs.
Formula
Monthly Savings = Current Payment - New Payment; Break-Even Months = Closing Costs / Monthly SavingsAssumptions
- Current loan balance is accurate
- New interest rate is fixed
- Closing costs are paid upfront
- No cash-out refinancing
Frequently Asked Questions
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