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Does refinancing actually save money?
Compare the current loan with a proposed refinance, including closing costs and a clear break-even point.
Compares principal-and-interest payments only. Taxes, insurance, escrow changes, points, mortgage insurance and cash-out amounts are excluded unless included in closing costs.
Estimated new payment
$1,970
Principal & interest per month
Current payment
$2,253/mo
Monthly change
$283/mo
Break-even
23 months
Lifetime cost change
$14,302
A positive lifetime cost change means the refinance is estimated to cost less overall, including entered closing costs. Extending the term can lower the payment while increasing total interest.