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Refinance Calculator

Compare your current mortgage with refinancing options. See break-even point and lifetime savings from a lower rate.

Current Mortgage

LTV: 71.1%

New Loan (Refinance)

Current avg: 6.5% · Good rate: 5-6%

Typically 2-5% of loan amount

100% PrivateInstant resultsReal mortgage math

Monthly Savings

$394

Break-even: 11 moLTV: 71.1%

Lifetime Savings

$8,060

Closing Costs

$4,000

Current Loan

Payment$2,161
Interest$328,199
Total Cost$648,199

Refinanced

Payment$1,767
Interest$316,139
Total Cost$640,139

Balance Comparison

Cumulative Savings vs. Closing Costs

Save $394/month ($4,723/year). Break-even: 11 months. Lifetime savings: $8,060.

When to Refinance

Rate Drop

Refinance when rates drop 0.75-1% below your current rate. That is when savings justify closing costs.

Break-Even Rule

Only refinance if you will stay in the home longer than the break-even period. Otherwise costs eat savings.

Remove PMI

If your LTV dropped below 80%, refinance to eliminate PMI and save $100-300/month.

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