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 Should I Refinance


Calculator Disclosure
The calculated results are not guaranteed to be accurate and are in no way are endorsed, offerd or guaranteed by MortgageCalculators123, its affiliates, sister sites, or parent company. The information provided with these calculators is for illustrative purposes only. Any information entered can and may vary from your actual loan. Any tax results (property or income tax) are based on user imputs and cannot be considered accurate simply due the each state's and counties tax laws; we highly recommend you should seek a qualified tax advisor and loan consultant for a more specific and personalized profile. All figures including principal, terms and interest rates are strictly hypothetical.
This mortgage calculator will show you the amount of money you can save by refinancing and whether the cost of refinancing exceeds the savings.
Your Current Loan

Your current loan balance

Your current payment (Principal & interest only)

Your current interest rate

Current term (usually 30 or 15 years)

Your new loan

How many years will you stay in the home


The new interest rate

The new term (usually 15 or 30 years)

How many points (Enter 0 if no points)

Closing costs (one lump sum)
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?



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?
?
?
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Old loan payment

New loan payment

Saving per month
?
$948.10
?
$854.93
?
$93.15






Since it will cost you  $2,965.00   in closing costs and fees, it will take  2.66  years (32  months) for you to breakeven. Over the 7  years, this loan will save you $4,860.92

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Click on the ? for explanation of any mortgage term.

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Rates as of     03-25-05 Today
Loan Type Rate