| Current monthly payment | $1,760.48 |
|---|---|
| Interest remaining on current loan | $320,397 |
| Total interest on new loan | $289,595 |
| Closing costs | $5,000 |
| Lifetime savings (after costs) | $25,802 |
| Change in payoff time | 3 years longer |
Closing costs of $5,000 ÷ $261.61 saved per month = 20 months (1.67 years) to break even. Keep the loan to term and you save $25,802 after costs. Part of the lower payment comes from stretching the loan 3 years past your current payoff date. Payments are principal and interest only; taxes and insurance do not change when you refinance.
| New term | Payment | Monthly savings | Total interest | Lifetime savings |
|---|---|---|---|---|
| 30 years | $1,498.88 | $261.61 | $289,595 | $25,802 |
| 20 years | $1,791.08 | -$30.59 | $179,859 | $135,539 |
| 15 years | $2,109.64 | -$349.16 | $129,736 | $185,662 |
| 10 years | $2,775.51 | -$1,015.03 | $83,062 | $232,336 |
Refinance Calculator · free calculator by CalcWorthy