Ready to see how much you could save by refinancing your mortgage? Get an estimate of your overall savings and new monthly payment using today’s numbers and compare with your current home loan to see if refinancing makes the most sense for you at this time.
You should consider refinancing.
Both your monthly payment and total interest costs are lower. You could save $39,081 in interest over the life of the loan.
After 6 months, you will recover your closing costs.
These calculations are tools for learning more about the mortgage process and are for educational/estimation purposes only. Calculator results are rounded down to the nearest dollar. Payment shown does not include taxes, insurance, or mortgage insurance (if applicable). This does not constitute an offer or approval of credit. Contact a PrimeLending home loan officer for actual estimates.
For example, a Conventional fixed rate loan with the terms purchase price of $312,500, on a loan term of 360 months, down payment of 20%, and an interest rate of 6.5%, will result in an annual percentage rate of 6.598% with $3,613 in APR fees. Rate pulled 09/02/22, rates change daily. Loans are subject to borrower qualifications, including income, property evaluation, and final credit approval.
Here is a breakdown of your refinance estimate based on the numbers you provided. Want to see more options? Just enter new numbers to calculate and compare.