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| Refinance | |||
|---|---|---|---|
| Savings for the new loan | $278.00/month | ||
| lifetime savings for the new loan | $83,400.00 | ||
| upfront cost | $6,583.26 | ||
| CURRENT LOAN | NEW LOAN | DIFFERENCE | |
| Principal/Loan Amount | $279,163.18 | $273,579.92 | $-5,583.26 |
| Length | 300 months | 300 months | 0 months |
| Interest Rate | 6% | 4.5% | 1.5% |
| Monthly Pay | $1,798.65 | $1,520.65 | $-278.00 |
| Total Payments | $539,595.00 | $456,195.00 | $-83,400.00 |
| Total Interest | $260,431.82 | $182,615.08 | $-77,816.74 |
| Points Equivalent To | $5,583.26 | ||
| Cost + Points (Upfront) | $6,583.26 | ||
| Cash Out | NA | ||
| Take Home Amount After Cost/Point | NA | ||
| Time to Recover Cost/Point | 23.68 months | ||
Use the refinance calculator to find out how much money you could save every month by refinancing. Calculate your potential savings.Use our refinance calculator to compare rates and make an informed decision about changing financial institutions.