Compare your current mortgage to a refinanced loan and find the break-even point.
See how much you would save each month, over the life of the loan, and how many months it takes to recover closing costs when refinancing your mortgage.
Compares two amortizations of the same balance: the current rate/remaining term vs. the new rate/term. Lifetime savings = (current payment × remaining months) − (new payment × new months + closing costs).
See how much you would save each month, over the life of the loan, and how many months it takes to recover closing costs when refinancing your mortgage.
Not always. A longer new term often lowers the monthly payment but raises lifetime interest. Check the lifetime savings number too.
The number of months you have to keep the new loan before the monthly savings have paid back the closing costs.
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