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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 | ||