Refinance Interest Savings

How much interest can you save if you refinance your mortgage? This calculator helps you find out! Enter the specifics about your current mortgage, along with your current appraised value, new loan term, rate and closing costs. This will determine how much interest refinancing can save you. In addition, it will calculate the number of months to breakeven on closing costs with your reduced monthly payment. Click the "View Report" button for a detailed look at the results.

Refinance Interest Savings

Over the life of your new mortgage your total interest paid will INTEREST_SAVINGS and your monthly payment will MONTHLY_SAVINGS per month. BREAK_EVEN_IN_MSG **GRAPH**
About Your Home and Current Mortgage
Annual property taxes ANNUAL_PROPERTY_TAXES
Annual home insurance ANNUAL_HOME_INSURANCE
Appraised home value APPRAISED_HOME_VALUE
Original mortgage amount ORIGINAL_LOAN_AMOUNT
Number of payments made NUMBER_OF_PAYMENTS_MADE
Refinancing Results
Remaining interest on current mortgage REMAINING_INTEREST_ON_CURRENT_MORTGAGE
Interest on new mortgage INTEREST_ON_NEW_MORTGAGE
Total interest paid INTEREST_SAVINGS
Monthly payment MONTHLY_SAVINGS per month
New loan-to-value NEW_LOAN_TO_VALUE
Refinance break even BREAK_EVEN_IN_MSG

Original Mortgage vs. Refinance Comparison

Refinancing will change your monthly payment for principal, interest, taxes and insurance from CURRENT_PITI to NEW_PITI. To avoid PMI payments on your new loan you need a loan-to-value ratio of REQUIRED_LTV or better. Your loan-to-value ratio is currently estimated at NEW_LOAN_TO_VALUE. Additional refinancing results are summarized below: **GRAPH**
 Original MortgageNew Mortgage
Mortgage amount ORIGINAL_LOAN_AMOUNTCURRENT_BALANCE
Interest rate ORIGINAL_RATENEW_RATE
Term in years ORIGINAL_TERM_IN_YEARSNEW_TERM
Payment (PI) CURRENT_PAYMENTNEW_PAYMENT
Payment (PITI) CURRENT_PITINEW_PITI
Monthly PMI MONTHLY_PMINEWMONTHLY_PMI

Payment Schedule

**REPEATING GROUP**

Refinance Interest Savings Definitions

Appraised home value
Current market value of your home.
Annual property taxes
Your annual property taxes.
Annual home insurance
Your annual homeowner's insurance premium.
Original loan amount
Total amount for your original mortgage.
Original rate
Annual percentage rate of your original mortgage.
Original term in years
The total number of years for your original mortgage.
Monthly PMI
The amount you pay each month for PMI. This is usually between 0.5% and 2% annually of your loan amount if you have less than 20% equity in your home.
Number of payments made
The total number of payments you have made on your original mortgage.
New rate
Annual percentage rate of your new mortgage.
New term
The total number of years for your new mortgage.
New mortgage balance
Total amount for your new refinanced mortgage. This amount is equal to your current balance on your original mortgage. Closing costs and prepayment penalties are assumed to be payable at the time of closing. Closing costs are not added to your new mortgage balance.
Closing costs
Total fees and other costs associated with the new mortgage and paid at the time of closing. This calculator assumes that all closing costs are paid with proceeds other than the new mortgage (closing costs are not added to the total for your new mortgage amount).
New PITI
New monthly Principal, Interest, Taxes and Insurance payment.
New loan-to-value
Total loan amount divided by the appraised value of your home.


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