Finance Refinance Comparison
Compare an old loan payment with a new loan payment.
The result shows the old monthly payment, the estimated new monthly payment over 20 years, and the monthly saving before refinance fees, so a positive saving means the new payment is lower before fees are considered.
Worked example
For example, an old payment of $1,800.00 per month compared with a new estimated payment of $1,375.77 per month on a $200,000 loan at 5.5% per year gives a saving of $424.23 per month, before refinance fees.
Frequently asked questions
Does refinancing always save money?
No. Fees, term length and closing costs can cancel the monthly saving.
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