When refinancing for the amount you currently owe, there are two options:
The tool below will show the benefit of each.
The original loan amount of your current mortgage.
What you owe currently on your home. See your most recent mortgage statement.
Your current rate (see current mortgage statement).
The original loan term length (usually 30 years).
Principal and interest payment. This should match your monthly statement.
The amount of time remaining on your new refinance.
This can be longer than your current loan if you get cash out.
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.
The total balance of your new refinance.
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)
What your new refinance interest rate is.