Sarah Martinez · Golden Key Realty

Is it worth refinancing?

Monthly saving against the cost of doing it — and an honest note about restarting the clock on a loan you're already years into.

Refinance breakeven

What you still owe$Rate you're on now%Payments left on itmo324 months is 27 years — a 30-year loan three years in.New rate%New loan termCost to refinance$Lender fees, appraisal, title and escrow on the new loan.How you pay the costs

You get the cost back after

1 yr 1 mo

Payment now

$3,662/mo

New payment

$3,157/mo

Monthly change

−$505

Current payment (principal & interest)	$3,662
New payment	$3,157
Saved each month	$505
Cost to refinanceAdded to the new balance	−$6,500
Breakeven	1 yr 1 mo
Interest left on the current loan	$666,426
Interest on the new loan	$609,888
Lifetime interest difference	−$56,538

Saving $505 a month against $6,500 of cost: you are ahead from 1 yr 1 mo onward, provided you keep the house that long.

While you're here

Monthly payment

What would the monthly payment be?

Affordability

What price should I be shopping at?

Budget → price

I can spend $X a month. What does that buy?

Cash to close

How much money do I need on the day?

Rent vs buy

Am I better off renting?

Points buydown

Is paying points worth it?

PMI drop-off

How long am I paying mortgage insurance?

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