Sections of this topic
Monthly Payment4 $0
Repayment plan
| Year | Initial Balance | Interest | Principal | End Balance |
|---|
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Refinancing will reduce your monthly mortgage payment by:
$293.44
In the first 30 years, you will save: -$136,490.07
Monthly payment savings breakdown:
| CURRENT | NEW | SAVINGS | ||
| $1,633.50 | – | $1,340.06 | = | +$293.44 |
Through Year: 30
Tax deductions on interest paid have not been factored inCash Saving: -$136K
^
| Original loan | New Loan | |||
| Closing costs | — | $7k | ||
| Principal | $230K | $230K | ||
| Interest | $123K | $252K | ||
| Cash savings | $353K | – | $489K |
=-$136K
Difference in principal paid: $0K
^
| Original principal paid to this point | New principal paid to this point | Difference in principal paid | ||
| $230K | – | $230K | = | $0K |
Total Savings: -$136K
^
| Cash savings | Difference in equity | Total savings | ||
| -$136K | + | $0K | = | -$136K |
