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Should I Refinance?

Input
Loan Info
Amount ($)
Interest (%) (%)
Loan Length (Yrs) (Yrs)
Months Paid (Mts)
Years Before Sell (Yrs)
Refinansing Fees
Points (%)
Origination Fees (%)
Closing Cost ($)
Your Tax Rates and Deductions
Your Tax Rate (%)
State Tax (%)
Financial Analysis
  Original Loan Refinanced Loan
Monthly Payment $1,247.74 $1,080.08
Total Monthly Payment $74,864.39 $64,804.94
Monthly Payment Savings $10,059.44
Total Interest Paid $56,931.13 $51,409.13
Tax Savings $17,648.65 $15,936.83
Tax Saving Losses $1,711.82
Balance at Refinance $186,950.49
Points Value $1,869.50
Amount Refinanced $185,080.98
Balance at Sale $169,017.23 $171,685.17
Balance Losses $2,667.94
Total Losses $4,379.76
Total Closing Cost $4,004.26
Total Benefits $1,675.43

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Average Rates
 
30 Year Fixed: 3.50%
15 Year Fixed: 2.63%
5 Year ARM: 2.25%

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