Should I refinance?
Penalties, cash-out and the break-even point, in plain numbers.
Current mortgage
Current balance
Home value
Current rate5.50%
Remaining amortization (yrs)
Refinance terms
New rate4.89%
New amortization25 yrs
Cash out amount
Max available: $170,000
Estimated penalty
5-year net savings (after penalty)
$5,055
Refinancing looks viable
Current payment$2,395.37
New payment$2,013.76
Monthly payment change-$381.61
5-yr interest saved (rate only)$10,055
New mortgage$350,000
LTV ratio53.8%
Penalty$5,000
Estimates only. Not a commitment to lend. Savings compare interest on your existing balance; cash-out is shown separately. Refinances must qualify under the stress test.