Refinance Savings
Should you refinance?
Compare what you're paying today against a refinance offer. See the break-even point and total savings over the life of the loan.
Current loan
Refinance offer
New monthly payment
$1,685.88
Monthly savings
$321.07
Break-even
15 mo
Current monthly payment$2,006.95
Total cost keep current loan$650,253
Total cost refinance (incl. closing)$611,418
Lifetime savings$38,835
Extending your term lowers the monthly payment but can raise lifetime interest. Refinancing usually pencils out if you stay in the home past the break-even month and your new rate is at least 0.75% lower.
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