Refinance Interest Savings

How much interest can you save if you refinance your mortgage? This calculator helps you find out! Enter the specifics about your current mortgage, along with your current appraised value, new loan term, rate and closing costs. This will determine how much interest refinancing can save you. In addition, it will calculate the number of months to breakeven on closing costs with your reduced monthly payment. Click the "View Report" button for a detailed look at the results.
By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.
Refinance Interest Savings
You could save $173,108.21 in interest Column Graph: Please view the report to see detailed calculation results in tabular form.
Your payment will decrease $532.12 per month Column Graph: Please view the report to see detailed calculation results in tabular form.

Definitions

Appraised home value

Current market value of your home.

Annual property taxes

Your annual property taxes.

Annual home insurance

Your annual homeowner's insurance premium.

Original loan amount

Total amount for your original mortgage.

Original rate

Annual percentage rate of your original mortgage.

Original term in years

The total number of years for your original mortgage.

Monthly PMI

Monthly cost of Private Mortgage Insurance (PMI). For loans secured with less than 20% down, PMI is estimated at 0.5% of your loan balance each year but can be higher or lower depending on the loan and your credit score.

Number of payments made

The total number of payments you have made on your original mortgage.

New rate

Annual percentage rate of your new mortgage.

New term

The total number of years for your new mortgage.

New mortgage balance

Total amount for your new refinanced mortgage. This amount is equal to your current balance on your original mortgage. Closing costs and prepayment penalties are assumed to be payable at the time of closing. Closing costs are not added to your new mortgage balance.

Closing costs

Total fees and other costs associated with the new mortgage and paid at the time of closing. This calculator assumes that all closing costs are paid with proceeds other than the new mortgage (closing costs are not added to the total for your new mortgage amount).

New loan-to-value

Total loan amount divided by the appraised value of your home.



Sunmark Federal Credit Union
1187 Troy Schenectady Road
Latham, NY

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.