When you refinance your mortgage, you let another financial
institution assume your current loan at either a lower interest rate, a longer payment period, or both. Use this
calculator to see if you can save any money by refinancing your mortgage.
Input
Financial Analysis
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Original Loan
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Refinanced Loan
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Monthly Payment
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$1,247.74
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$1,080.08
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Total Monthly Payment
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$74,864.39
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$64,804.94
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Monthly Payment Savings
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$10,059.44
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Total Interest Paid
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$56,931.13
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$51,409.13
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Tax Savings
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$17,648.65
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$15,936.83
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Tax Saving Losses
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$1,711.82
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Balance at Refinance
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$186,950.49
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Points Value
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$1,869.50
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Amount Refinanced
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$185,080.98
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Balance at Sale
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$169,017.23
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$171,685.17
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Balance Losses
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$2,667.94
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Total Losses
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$4,379.76
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Total Closing Cost
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$4,004.26
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Total Benefits
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$1,675.43
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DISCLAIMER:
Although this is an estimation of the information you provided, none of these
figures are guaranteed. Final statistics can only be given by the financial
institution that supplies you with the loan or other financial services. You
must double check with your provider to ensure accurate information. Please
read the Terms of Use
for further details.
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