Is a Refinance Worth It?

A lower rate sounds great. But does the math actually work for you? Enter your current loan and the new rate you've been quoted. See your monthly savings, break-even point, and total interest saved instantly.

Refi Savings Snapshot — LoanSome Dough
Current Loan
Remaining Balance$320,000
$
$25K$2M
Current Interest Rate7.500%
%
2%15%
Years Remaining on Loan28 years
1 yr30 yrs
New Loan
New Interest Rate6.250%
%
2%15%
New Loan Term
Estimated Closing Costs$6,400
$
$0$20K
How long will you stay? (years)7 years
1 yr30 yrs
Monthly Savings
$312
per month after refinancing
Savings Over 7 Years
$19,744
net of closing costs
Full Picture
Annual savings$3,744
Lifetime savings$112,320
Rate reduction1.250%
New P&I payment$1,969
Payment Comparison
Item Current New
Monthly P&I
$2,281$1,969
Total interest
$445K$388K
Total cost
$765K$708K

This calculator provides estimates for informational purposes only and does not constitute a loan commitment or a pre-approval. Actual qualificiation depends on credit score, lender guidelines and full underwriting review.

Roxy Miles
NMLS#2464939

Complex Loans. Fun Lender.
Self-employed, retired and high-net-worth borrowers who don't fit traditional lending. Bank statement loans, asset depletion, reverse mortgages, jumbo financing and first lien HELOC strategy.