Find out what refinancing would actually change.
Put your current loan beside the one you are considering and see the three numbers that decide it: the payment, the interest, and the payback.
Start with the loan you already have.
A statement has everything the left side needs. Describe the loan you are being offered on the right, and the comparison moves as you type.
By refinancing, you will:
-
Pay $92 less each month
-
Spend $22,063 less over the lifetime of the loan
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Break even on your upfront fees in 87 months
Break-even only counts if you keep the loan that long. Selling sooner keeps the cost.
An estimate built from what you entered — not a quote or an approval.
Get this priced for youCurrent Loan
New Loan
Total amount for your new loan. Enter an amount higher than your remaining balance for a cash-out refinance.
A starting assumption, not an offer. Your rate is priced to your file.
Cash you receive at closing. This equals your new loan amount minus your remaining balance.
The two loans, line for line.
What you owe now against what you would owe then — the balance, the rate, the term, the payment, and what each one costs in interest.
| Figure | Your loan today | The loan you are pricing |
|---|---|---|
| Balance | $300,343 | $300,343 |
| Interest rate | 7.000% | 6.485% |
| Term remaining | 20 yrs | 20 yrs |
| Monthly principal & interest | $2,329.00 | $2,236.63 |
| Interest left to pay | $258,510 | $236,447 |
- Cash out at closing
- $0
- Upfront cost — points and fees
- $8,000
- Months to break even
- 87
Break-even is the easy part. The rest is your file.
What you can actually refinance into depends on your equity, your credit and your income. A loan officer can price it in an afternoon.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.