Original Loan Details
Refinancing Recommended
Based on your inputs, you could save $25,644 by refinancing.
Comparison Results
Keep Current
Refinance
Difference
Monthly Payments
Monthly Payment
$2,129
$2,498
+$369
7 Year Totals
Total Payments
$178,833
$209,856
+$31,023
Total Interest
$138,440
$101,806
-$36,634
Tax Impact
Tax Savings (from interest deduction)
$41,532
$30,542
-$10,990
Closing Costs
Total Closing Costs
$0
$4,208
-$4,208
Equity Position at Sale
Loan Balance at Sale
$260,456
$190,301
-$70,155
Net Benefit of Refinancing
Total Savings
Break-Even Analysis
14 Months to Break Even
After 14 months, your interest savings will exceed the closing costs. Since you plan to stay 7 years, refinancing makes financial sense.
Balance Comparison Over Time
Current Loan Balance
Refinanced Loan Balance
Refinance Analysis Report
Generated:
Current Loan Information
| Original Price | $400,000 | Original Rate | 7.00% |
| Original Loan | $320,000 | Original Term | 30 years |
| Months Paid | 60 | Current Balance | $300,849 |
Refinance Details
| New Rate | 5.75% | New Term | 15 years |
| Closing Costs | $4,208 | Analysis Period | 7 years |
Comparison Summary
| Keep Current | Refinance | Difference | |
|---|---|---|---|
| Monthly Payment | $2,129 | $2,498 | +$369 |
| Total Interest (Period) | $138,440 | $101,806 | -$36,634 |
| Balance at Sale | $260,456 | $190,301 | -$70,155 |
| Net Benefit | $25,644 Savings | ||
Recommendation: Refinancing is Beneficial
Based on your inputs, refinancing will save you approximately $25,644 over your planned holding period. The break-even point is 14 months.