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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 | ||
Cash Out | NA | ||
Take Home Amount After Cost/Point | NA | ||
Time to Recover Cost/Point | 23.68 months |