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Written by Max | Edited by Rory Hart

Last updated on Sep 04, 2023

Sections of this topic

Loan Amount1

Loan Term2

Interest Rate3

Monthly Payment4 $0

Repayment plan

Year	Initial Balance	Interest	Principal	End Balance

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Your Current Mortgage Details

Value of Current Loan

Loan Term

Interest Rate (number)

Origination Year

Your New Mortgage Details

Loan Term

Interest Rate

Cash-out Amount

Closing Costs

Refinancing will reduce your monthly mortgage payment by:

$293.44

In the first 30 years, you will save: -$136,490.07

Monthly payment savings breakdown:

CURRENT		NEW		SAVINGS
$1,633.50	–	$1,340.06	=	+$293.44

Through Year: 30

Tax deductions on interest paid have not been factored in

Cash Saving: -$136K

	Original loan		New Loan
Closing costs	—		$7k
Principal	$230K		$230K
Interest	$123K		$252K
Cash savings	$353K	–	$489K

=-$136K

Difference in principal paid: $0K

Original principal paid to this point		New principal paid to this point		Difference in principal paid
$230K	–	$230K	=	$0K

Total Savings: -$136K

Cash savings		Difference in equity		Total savings
-$136K	+	$0K	=	-$136K

Lock in your rate:

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Refinancing will reduce your monthly mortgage payment by:

Through Year: 30