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Will you save money by refinancing your current loan?
A mortgage refinance can mean big savings, but it may come at a price in the short term. The decision to refinance generally comes down to whether you'll be in your home long enough for your monthly savings to outweigh the upfront refinancing costs. Our Refinance Calculator can help you determine the amount of time you'll need to stay in your home after refinancing your mortgage to breakeven and cover your costs.
Basic Refinance Analysis Results
Refinancing your monthly payments by .
Refinancing your costs during the time you expect to own your home by .
Refinancing your costs over the life of your mortgage by .
Refinancing your mortgage repayment period by years.
Monthly Payment ? There are several ways to calculate your refinance breakeven. The "quick and dirty" method involves dividing the difference in your monthly payment by the refinancing costs. That isn't necessarily the most accurate method, and the longer you've been paying your current loan, the less accurate that breakeven calculation is. In addition, this method won't help you if your refinancing from a 30-year mortgage to a 15-year loan.
Interest Expense ? The next method is based on the difference in interest expense between your current loan and a refinance mortgage. Your breakeven is that point in which the total interest savings equals the cost of refinancing. This method allows you to compare loans with different terms.
Mortgage Tax Deduction ? If you itemize your deductions when you file your taxes, it affects your breakeven point. Higher interest rates mean higher mortgage deductions. Refinancing to a lower rate decreases your mortgage interest deduction.
Pay Down Existing Mortgage ? You can choose to refinance or leave your mortgage alone, but you have another option -- use your cash to pay down your mortgage balance instead of spending it on refinancing. You can reamortize your loan to reduce your payment or accelerate your repayment. This breakeven method measures how long it would take for your refinance payment less the reamortized payment on your current mortgage to cover the costs of refinancing.
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