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Should I Refinance ?
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Instructions
Enter current mortgage, home, and refinance information.
This calculator analyzes the total cost and savings of your refinance transaction as well as principal balance when
you sell your home and break even periods.
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Mortgage Information
Current Balance($)
Current Rate(%)
Current Loan Term (years)
Current P&I Payment($)
Home Information
Years Before Sell
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Refinance Info
Loan Amount($)
Interest Rate
Refi Term (years)
Loan Points(%)
Loan Costs($)
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Results
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Payment Analysis
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Current Payment:
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$
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583.24
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Refinance Payment:
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$
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529.68
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Monthly Savings:
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$
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53.56
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Financial Analysis
(in 5 years at projected sale time)
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Orig Loan Balance:
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$
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90,523
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Refi Loan Balance:
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$
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89,488
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Benefit:
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$
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1,035
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Costs to Refi:
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$
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2,973
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Total Costs to Refi:
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$
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1,938
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Analysis
Based on your current and calculated mortgage payments, this calculator figures your monthly savings.
It also compares your principal balance of your existing loan in 5 years to the loan balance of the potential refinanced loan.
Our calculations estimate the following:
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To break even on the fee related costs of $2,973,
it will take an estimated 4 Years, 7 Months given your monthly payment savings of $53.56.
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By refinancing you will lower your mortgage balance by $1,035 at the time of sale.
The time value of money and income tax deductions are not considered in this refinance calculation. If you
plan to keep the home for a duration greater than the number of years it would take to break even
then it is advised to refinance.
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