Current Loan

New Loan

Cash Out and Cost

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Refinance
Savings for the new loan $278.00/month
lifetime savings for the new loan $83,400.00
upfront cost $6,583.26
CURRENT LOAN NEW LOAN DIFFERENCE
Principal/Loan Amount $279,163.18 $273,579.92 $-5,583.26
Length 300 months 300 months 0 months
Interest Rate 6% 4.5% 1.5%
Monthly Pay $1,798.65 $1,520.65 $-278.00
Total Payments $539,595.00 $456,195.00 $-83,400.00
Total Interest $260,431.82 $182,615.08 $-77,816.74
Points Equivalent To $5,583.26
Cost + Points (Upfront) $6,583.26
Time to Recover Cost/Point 23.68 months