Does refinancing pay off?
Compare your current loan with a new one: monthly savings, months to break even, and the net result over the time you’ll keep it.
01Current loan
02New loan
ƒHow this is calculated
- Your current payment is recalculated from the balance, rate and years remaining (principal & interest only).
- Net benefit over your horizon = (old payments − new payments) + (old balance − new balance at that point) − costs paid in cash.
- Starting a new 30-year term can lower the payment but raise lifetime interest, so try a shorter new term too.
Estimates for illustration only. This is not a loan offer, rate quote, or commitment to lend. Results come only from the numbers entered above. Interest rates are examples you supply, not advertised rates, so check current rates before deciding. Fee schedules and limits shown are published figures that can change.
This calculator is being provided for educational purposes only. The results are estimates based on information you provided and may not reflect CrossCountry Mortgage, LLC product terms. The information cannot be used by CrossCountry Mortgage, LLC to determine a customer’s eligibility for a specific product or service.
Austin Gerimonte, NMLS #2277430 · CrossCountry Mortgage, LLC NMLS #3029 · Equal Housing Lender · NMLSConsumerAccess.org