Benefit to Refinance

When refinancing for the amount you currently owe, there are two options:

1. Save money each month
2. Pay the home off sooner

The tool below will show the benefit of each.

Current Mortgage

Refinance

 

Save Money

Save Time

Lower your monthly payment. Pay down your mortgage faster.

$ -

- Months

$ -

$ -

If you make the same payment you are now making, your home will be paid off in:

- Months

- Months

$ -


Original Balance

 

The original loan amount of your current mortgage.

Current Balance

 

What you owe currently on your home. See your most recent mortgage statement.

Current Interest Rate

 

Your current rate (see current mortgage statement).

Original Loan Term

 

The original loan term length (usually 30 years).

P & I  Payment

 

Principal and interest payment.  This should match your monthly statement.

Term Reminaing

The amount of time remaining on your new refinance.

This can be longer than your current loan if you get cash out.

Time Saved

 

If you refinance to a lower rate, and but continue to pay the same P&I payment you’re currently making, you will save this much time.

New Refinance Balance

 

The total balance of your new refinance.

Amount Saved

 

By refinancing to your new rate, and making the same P&I payment as your old mortgage, you will save this amount.

If you’re getting cash out, the amount saved will show as a negative number.  (eg. -20,000 means you save $20,000)

Refinance Interest Rate

 

What your new refinance interest rate is.