Estimated monthly saving
$274
Combined difference after closing costs −$14,652
Your inputs
Enter the loan you have, then the terms you are being offered.
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How are closing costs paid?
Estimated monthly saving
$274
You would recover $5,500 in closing costs in about 21 months.
- Estimated interest differenceLess interest on the proposed loan over the terms compared
- −$20,152
- Refinance closing costsPaid in cash at closing
- $5,500
- Estimated combined difference after closing costsInterest difference plus closing costs, counted once
- −$14,652
- Current principal & interest
- $2,183
- Proposed principal & interest
- $1,909
- New loan amount$310,000 balance
- $310,000
- Total interest — current loan
- $397,292
- Total interest — proposed loan
- $377,140
- Balance in 5 years — current
- $287,656
- Balance in 5 years — proposed
- $289,345
Assumptions behind these numbers
- · Break-even = closing costs paid in cash ÷ monthly saving. It is shown only when the new payment is lower and costs are paid at closing; there is nothing to recover otherwise.
- · Combined difference = proposed total interest − current remaining interest + closing costs. Closing costs are counted once whether paid at closing or financed.
- · When closing costs are financed, they increase the new loan amount. The proposed interest includes interest charged on those costs; the combined difference then adds the fee principal once.
- · Total interest compares the full remaining term of the current loan against the full new term.
- · Cash-out is money you receive. It is added to the new loan amount and is neither a cost nor a saving — the extra interest it creates is the price of that money.
- · Taxes, insurance and any escrow shortage are excluded — only principal and interest are compared.
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