Refinance Calculator
See if refinancing to a lower rate saves you money.
Refinancing makes sense when you can lower your rate by at least 0.5-1%. A common scenario: you bought at 7.5% and can refinance to 6.5%. On a $300,000 balance, that saves about $200/month. Factor in closing costs ($3,000-6,000) and divide by your monthly savings to find your break-even point. If you plan to stay in the home past the break-even date, refinancing is usually worth it.
Mortgage Details
Your Monthly Payment
$2,396
/month
Loan Amount
$300,000
Total Interest
$382,633
Total Payment
$862,633
Payoff Date
March 2056
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