Refinancing a Mortgage
See the cost and savings of refinancing at a lower interest, net of closing costs…
See the cost and savings of refinancing at a lower interest, net of closing costs…
Refinancing a Mortgage

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New monthly payment (after refinancing) $1,453.44

Change in Monthly Payment $94.56

Time to offset closing costs by interest savings 31

Total interest to be paid under existing mortgage $164,866.64

Total interest to be paid under refinanced mortgage $130,875.86

Interest Savings $33,990.78

Refinancing Savings (net of closing costs) $28,835.78

If you refinance your current 3.79% mortgage to a 3.04% mortgage, your monthly payment will decrease by $94.56 and you will save $33,990.78 in interest charges over the life of the mortgage. However, in order for this refinancing to yield any savings at all you will need to stay in your current home for at least 31 months. That's how long it will take for the monthly interest savings to offset the closing costs attributable to refinancing.

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