During the past few years, record numbers of Americans have refinanced their home
mortgages as a result of historically low interest rates. This calculator is designed
to help you determine whether you should consider refinancing your mortgage.
The results below show the estimated cost of refinancing, your current and refinanced
mortgage payment amount, the monthly savings, and the amount of time it will take
you to recoup the costs of refinancing. If you plan to sell your home before you
recoup the cost of refinancing, it may not be worthwhile. However, if you plan to
stay in your home beyond that time, refinancing could possibly save you a substantial
amount of money.
Break even (in months) to recover refinancing costs:
0 months
The calculation above assumes the refinance costs are not added to the new loan.
This hypothetical example assumes your mortgage is subject to refinancing.
The graph below illustrates the difference between your current mortgage and the
mortgage you are considering. You can see what the balance and payoff time would
be for each mortgage. Although your monthly payments and overall expenses may be
reduced if you refinance, the term of your payments may be longer. For example,
if you have been paying on your current 30-year mortgage for five years and you
refinance a new 30-year mortgage, you will be making payments for an additional
five years.
Projected Refinance Costs
The calculation above assumes the refinance costs are not added to the new loan.
This hypothetical example assumes your mortgage is subject to refinancing.
This hypothetical example is used for illustrative purposes only. Actual results will vary.
This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek advice from an independent tax or legal professional. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.
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