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Type Today Last Week Trend
30yr Fixed 3.625% 3.625% trend
15yr Fixed 2.875% 2.875% trend
5/1 ARM 2.375% 2.25% trend

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Should I Refinance?


Think a refinance is all about a lower payment? Think again. A refinance can impact your finances in multiple ways. Evaluate all of the ways that refinance could impact your finances and see if a refinance makes good financial sense with our new 'Should I Refinance?' calculator.

Please enter all fields:
  Current Refinance
Original Amount ($)
Interest Rate (%)
Term (Yrs)
Months Paid (Mths)
Years Until You Sell (Yrs)
Fees and Points
Points (%)
Closing Costs ($)
Your Tax Rates
Tax Rate (%)
State Tax Rate (%)
 


Results:

Impact on Payment
Total Payment Savings: $ 8,585
  Current Refinance
Monthly Payment $ 1,074 $ 931
Total Payments $ 64,419 $ 55,834
Impact on Remaining Balance at Sale
Balance Losses: $ -4,734
  Current Refinance
Balance at Sale $ 162,684 $ 167,418
Impact on Taxes
Tax Benefit Loss: $ -1,194
  Current Refinance
Interest Paid $ 43,445 $ 39,595
Tax Benefit $ 13,468 $ 12,274
Refinance Closing Costs
Points Value $ 1,837
Other Closing Costs $ 1,200
Total Closing Costs $ -3,037
Total Financial Impact of Refinance
Total Payment Savings $ 8,585
Balance Losses $ -4,734
Tax Benefit Loss $ -1,194
Total Closing Costs $ -3,037
Total Benefit or Loss (-) of Refinance $ -380

We may be able to find an interest rate lower than 5.000%, which could lower your payment of $ 1,074

Deciding whether or not you should refinance your mortgage depends on several factors. It also depends upon whether you are looking to reduce your monthly payment, or to save money in the long run.

To understand better, let's look at an example. If your original 30-year loan was for $ 200,000.00, at 5.000 % interest, and you have already paid on it for 60 months, refinancing into a new 30-year loan will reduce your payment, but with a 4.500 % interest rate.

If your Federal tax rate is 26.000 % and your state tax rate is 5.000 %, you were probably paying $ 1,074 per month toward your home. When you refinance at the new rate, you will pay $ 931, but your tax benefits will also be affected by this change.

The bottom line:

  • you will lose $ 1,194 on tax benefit
  • your remaining balance will be $ 4,734 higher because you will pay less toward your mortgage principal, or balance
  • closing your refinancing process will cost you $ 3,037

Summing up these numbers, we can figure out your total refinancing LOSSES, which will be $ 380.
Original Payment Schedule (Before and After Refinancing)
No Interest Principal Balance
1 833.33 240.31 199,759.69
2 832.33 241.31 199,518.38
3 831.33 242.32 199,276.06
4 830.32 243.33 199,032.74
5 829.30 244.34 198,788.40
6 828.28 245.36 198,543.04
7 827.26 246.38 198,296.66
8 826.24 247.41 198,049.25
9 825.21 248.44 197,800.81
10 824.17 249.47 197,551.34
11 823.13 250.51 197,300.83
12 822.09 251.56 197,049.27
1 Yr 9,932.99 2,950.73  
13 821.04 252.60 196,796.66
14 819.99 253.66 196,543.01
15 818.93 254.71 196,288.29
16 817.87 255.78 196,032.52
17 816.80 256.84 195,775.68
18 815.73 257.91 195,517.77
19 814.66 258.99 195,258.78
20 813.58 260.06 194,998.71
21 812.49 261.15 194,737.57
22 811.41 262.24 194,475.33
23 810.31 263.33 194,212.00
24 809.22 264.43 193,947.57
2 Yr 9,782.02 3,101.70  
25 808.11 265.53 193,682.05
26 807.01 266.63 193,415.41
27 805.90 267.75 193,147.66
28 804.78 268.86 192,878.80
29 803.66 269.98 192,608.82
30 802.54 271.11 192,337.72
31 801.41 272.24 192,065.48
32 800.27 273.37 191,792.11
33 799.13 274.51 191,517.60
34 797.99 275.65 191,241.95
35 796.84 276.80 190,965.14
36 795.69 277.96 190,687.19
3 Yr 9,623.33 3,260.38  
37 794.53 279.11 190,408.08
38 793.37 280.28 190,127.80
39 792.20 281.44 189,846.36
40 791.03 282.62 189,563.74
41 789.85 283.79 189,279.94
42 788.67 284.98 188,994.97
43 787.48 286.16 188,708.80
44 786.29 287.36 188,421.45
45 785.09 288.55 188,132.89
46 783.89 289.76 187,843.14
47 782.68 290.96 187,552.17
48 781.47 292.18 187,260.00
4 Yr 9,456.53 3,427.19  
49 780.25 293.39 186,966.60
50 779.03 294.62 186,671.99
51 777.80 295.84 186,376.15
52 776.57 297.08 186,079.07
53 775.33 298.31 185,780.76
54 774.09 299.56 185,481.20
55 772.84 300.80 185,180.39
56 771.58 302.06 184,878.34
57 770.33 303.32 184,575.02
58 769.06 304.58 184,270.44
59 767.79 305.85 183,964.59
60 766.52 307.12 183,657.46
5 Yr 9,281.19 3,602.53  
61 765.24 308.40 183,349.06
62 763.95 309.69 183,039.37
63 762.66 310.98 182,728.39
64 761.37 312.27 182,416.12
65 760.07 313.58 182,102.54
66 758.76 314.88 181,787.66
67 757.45 316.19 181,471.46
68 756.13 317.51 181,153.95
69 754.81 318.84 180,835.12
70 753.48 320.16 180,514.95
71 752.15 321.50 180,193.46
72 750.81 322.84 179,870.62
6 Yr 9,096.87 3,786.85  
73 749.46 324.18 179,546.44
74 748.11 325.53 179,220.90
75 746.75 326.89 178,894.01
76 745.39 328.25 178,565.76
77 744.02 329.62 178,236.14
78 742.65 330.99 177,905.15
79 741.27 332.37 177,572.78
80 739.89 333.76 177,239.02
81 738.50 335.15 176,903.87
82 737.10 336.54 176,567.33
83 735.70 337.95 176,229.38
84 734.29 339.35 175,890.03
7 Yr 8,903.13 3,980.59  
85 732.88 340.77 175,549.26
86 731.46 342.19 175,207.07
87 730.03 343.61 174,863.46
88 728.60 345.05 174,518.41
89 727.16 346.48 174,171.93
90 725.72 347.93 173,824.00
91 724.27 349.38 173,474.63
92 722.81 350.83 173,123.80
93 721.35 352.29 172,771.50
94 719.88 353.76 172,417.74
95 718.41 355.24 172,062.50
96 716.93 356.72 171,705.79
8 Yr 8,699.48 4,184.24  
97 715.44 358.20 171,347.59
98 713.95 359.69 170,987.89
99 712.45 361.19 170,626.70
100 710.94 362.70 170,264.00
101 709.43 364.21 169,899.79
102 707.92 365.73 169,534.06
103 706.39 367.25 169,166.81
104 704.86 368.78 168,798.03
105 703.33 370.32 168,427.71
106 701.78 371.86 168,055.85
107 700.23 373.41 167,682.44
108 698.68 374.97 167,307.47
9 Yr 8,485.40 4,398.32  
109 697.11 376.53 166,930.94
110 695.55 378.10 166,552.85
111 693.97 379.67 166,173.17
112 692.39 381.26 165,791.92
113 690.80 382.84 165,409.07
114 689.20 384.44 165,024.63
115 687.60 386.04 164,638.59
116 685.99 387.65 164,250.94
117 684.38 389.26 163,861.68
118 682.76 390.89 163,470.79
119 681.13 392.51 163,078.28
120 679.49 394.15 162,684.13
10 Yr 8,260.38 4,623.34  
  Interest Principal  
Total 91,521.32 37,315.87 162,684.13
Payment Schedule After Refinancing
No Interest Principal Balance
1 688.72 241.85 183,415.61
2 687.81 242.76 183,172.86
3 686.90 243.67 182,929.19
4 685.98 244.58 182,684.61
5 685.07 245.50 182,439.11
6 684.15 246.42 182,192.69
7 683.22 247.34 181,945.35
8 682.30 248.27 181,697.08
9 681.36 249.20 181,447.88
10 680.43 250.14 181,197.74
11 679.49 251.07 180,946.67
12 678.55 252.02 180,694.65
1 Yr 8,203.97 2,962.81  
13 677.60 252.96 180,441.69
14 676.66 253.91 180,187.78
15 675.70 254.86 179,932.92
16 674.75 255.82 179,677.11
17 673.79 256.78 179,420.33
18 672.83 257.74 179,162.59
19 671.86 258.71 178,903.88
20 670.89 259.68 178,644.21
21 669.92 260.65 178,383.56
22 668.94 261.63 178,121.93
23 667.96 262.61 177,859.32
24 666.97 263.59 177,595.73
2 Yr 8,067.86 3,098.92  
25 665.98 264.58 177,331.15
26 664.99 265.57 177,065.58
27 664.00 266.57 176,799.01
28 663.00 267.57 176,531.44
29 661.99 268.57 176,262.86
30 660.99 269.58 175,993.28
31 659.97 270.59 175,722.69
32 658.96 271.61 175,451.09
33 657.94 272.62 175,178.47
34 656.92 273.65 174,904.82
35 655.89 274.67 174,630.15
36 654.86 275.70 174,354.44
3 Yr 7,925.50 3,241.29  
37 653.83 276.74 174,077.71
38 652.79 277.77 173,799.93
39 651.75 278.82 173,521.12
40 650.70 279.86 173,241.26
41 649.65 280.91 172,960.35
42 648.60 281.96 172,678.38
43 647.54 283.02 172,395.36
44 646.48 284.08 172,111.28
45 645.42 285.15 171,826.13
46 644.35 286.22 171,539.91
47 643.27 287.29 171,252.62
48 642.20 288.37 170,964.25
4 Yr 7,776.59 3,390.19  
49 641.12 289.45 170,674.80
50 640.03 290.53 170,384.27
51 638.94 291.62 170,092.65
52 637.85 292.72 169,799.93
53 636.75 293.82 169,506.11
54 635.65 294.92 169,211.19
55 634.54 296.02 168,915.17
56 633.43 297.13 168,618.04
57 632.32 298.25 168,319.79
58 631.20 299.37 168,020.42
59 630.08 300.49 167,719.93
60 628.95 301.62 167,418.32
5 Yr 7,620.85 3,545.94  
  Interest Principal  
Total 39,594.78 16,239.15 167,418.32
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