Your current loan and the offer

Compares total cost, not just the payment.

Loan you have now

A 30-year loan taken out 3 years ago has 27 left.

Loan you are offered

Lender fees, title, appraisal, recording.

New term

You would save each month

$324

About 1 year and 9 months to recover closing costs.

Payment now$2,183
Payment after$1,859
New loan amount$310,000
Interest left on current loan$397,292
Interest on new loan$359,098

Costs $38,194 less in total interest

Lower payment and lower lifetime cost — the refinance is cheaper on both measures.

What this assumes

  • Selling or refinancing again before month 21 means the closing costs are never fully recovered.

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