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When refinancing, you can choose to either reduce the number of payments (best option to reduce total interest expense) by keeping the same monthly payment OR keep the existing loan term and reduce your monthly payment.
If you choose to keep the same monthly payment, you will reduce the term of the loan (and save the most on lifetime interest).
Current Term (paid off by April 2050)
300
New Term (paid off by March 2044)
227
You will save
73 months
If you choose to keep the same term, you will reduce the monthly payment (but save less on lifetime interest).
Current Monthly
$2,086
New Monthly
$2,086
Your monthly saving
$0
With the selected loan terms, this will be the overall savings (interest savings minus closing costs).
Savings
$147,570
These are estimates, not financial advice. Large or remote properties may face higher expenses. In some cases, you can choose to finance these costs (no-cost refinancing), but this can lead to a higher refi rate.
Appraisal
$450
Attorney
$0
Credit Report
$30
Flood Certification
$20
Recording
$125
Survey
$250
Origination
$2,550
Title Search Insurance
$1,350
Total
$4,775
Estimates are for educational purposes. We'll only email you if we have juicy new features worth sharing. Pinky promise!