Should I Refinance?

Input Information
  Before Refinancing After Refinancing
Amount : ($)
Interest Rate : (%) (%)
Length : (Yrs) (Yrs)
Months Already Paid : (Mts)
Years Before Sell : (Yrs)
Refinancing Fees and Stamp Duty
Quit Fees : (%)
App. Fees and Stamp Duty : ($)
 Let Me Print That Form in PDF!

To Email Address :
Name :
Phone # :

Financial Analysis (Switch to Plain English)
  Before Refinancing
(Am. Table) 		After Refinancing
(Am. Table)
Monthly Payment : $1,342.05 $1,163.21
Payments Before You Sell the Home : $80,523.24 $69,792.40
Monthly Payment Savings : $10,730.84
Quit Fees : $800.00
App. Fees and Stamp Duty : $1,200.00
Refinance amount : $229,571.83
Balance at Sale : $203,355.16 $209,272.90
Balance Losses : $5,917.74
Total Fees and Stamp Duty : $2,000.00
Total Savings : $10,730.84
Total Benefit
(Payment Savings - Balance Losses - Fees and Stamp Duty) : 		$2,813.10
Plain English Help (Switch to Financial Analysis)

Deciding whether or not you should refinance your home mortgage depends upon several factors. It also depends upon whether you are looking to simply reduce your monthly payment or if you are hoping to save money in the long run.

To understand better, let’s look at an example. If your original 30 years loan was for $250,000.00 with a 5.000% interest, and you have already paid on it for 60 months, it will reduce your monthly payment if you refinance for a new 30 years period but with a 4.500% interest rate.

Probably, you are paying $1,342.05 per month toward your home. When you refinance at the new rate, you will pay $1,163.21 instead, saving you total $10,730.84 in monthly payments.

The bottom line is:

  • total monthly payment savings will be $10,730.84
  • your remaining balance will be $5,917.74 bigger because you will pay less toward your mortgage principal (bigger principal is worse)
  • quitting previous loan and opening a new one will cost you $2,000.00

Summing up these numbers, we can figure out your total refinancing BENEFIT, which will be $2,813.10.
Original Payment Schedule (Before and After Refinancing)
No Interests Principal Balance
1 1,041.67 300.39 249,699.61
2 1,040.42 301.64 249,397.97
3 1,039.16 302.90 249,095.08
4 1,037.90 304.16 248,790.92
5 1,036.63 305.43 248,485.49
6 1,035.36 306.70 248,178.80
7 1,034.08 307.98 247,870.82
8 1,032.80 309.26 247,561.56
9 1,031.51 310.55 247,251.01
10 1,030.21 311.84 246,939.17
11 1,028.91 313.14 246,626.03
12 1,027.61 314.45 246,311.59
1 Yr

 ---
12,416.24

 ---
3,688.41

  
13 1,026.30 315.76 245,995.83
14 1,024.98 317.07 245,678.76
15 1,023.66 318.39 245,360.37
16 1,022.33 319.72 245,040.65
17 1,021.00 321.05 244,719.60
18 1,019.66 322.39 244,397.21
19 1,018.32 323.73 244,073.47
20 1,016.97 325.08 243,748.39
21 1,015.62 326.44 243,421.96
22 1,014.26 327.80 243,094.16
23 1,012.89 329.16 242,765.00
24 1,011.52 330.53 242,434.47
2 Yr

 ---
12,227.53

 ---
3,877.12

  
25 1,010.14 331.91 242,102.56
26 1,008.76 333.29 241,769.26
27 1,007.37 334.68 241,434.58
28 1,005.98 336.08 241,098.50
29 1,004.58 337.48 240,761.03
30 1,003.17 338.88 240,422.14
31 1,001.76 340.30 240,081.85
32 1,000.34 341.71 239,740.14
33 998.92 343.14 239,397.00
34 997.49 344.57 239,052.43
35 996.05 346.00 238,706.43
36 994.61 347.44 238,358.99
3 Yr

 ---
12,029.17

 ---
4,075.48

  
37 993.16 348.89 238,010.10
38 991.71 350.35 237,659.75
39 990.25 351.81 237,307.94
40 988.78 353.27 236,954.67
41 987.31 354.74 236,599.93
42 985.83 356.22 236,243.71
43 984.35 357.71 235,886.00
44 982.86 359.20 235,526.81
45 981.36 360.69 235,166.12
46 979.86 362.20 234,803.92
47 978.35 363.70 234,440.22
48 976.83 365.22 234,075.00
4 Yr

 ---
11,820.66

 ---
4,283.99

  
49 975.31 366.74 233,708.26
50 973.78 368.27 233,339.99
51 972.25 369.80 232,970.18
52 970.71 371.34 232,598.84
53 969.16 372.89 232,225.94
54 967.61 374.45 231,851.50
55 966.05 376.01 231,475.49
56 964.48 377.57 231,097.92
57 962.91 379.15 230,718.77
58 961.33 380.73 230,338.05
59 959.74 382.31 229,955.74
60 958.15 383.91 229,571.83
5 Yr

 ---
11,601.48

 ---
4,503.17

  
61 956.55 385.50 229,186.33
62 954.94 387.11 228,799.21
63 953.33 388.72 228,410.49
64 951.71 390.34 228,020.15
65 950.08 391.97 227,628.18
66 948.45 393.60 227,234.57
67 946.81 395.24 226,839.33
68 945.16 396.89 226,442.44
69 943.51 398.54 226,043.90
70 941.85 400.20 225,643.69
71 940.18 401.87 225,241.82
72 938.51 403.55 224,838.27
6 Yr

 ---
11,371.09

 ---
4,733.56

  
73 936.83 405.23 224,433.04
74 935.14 406.92 224,026.13
75 933.44 408.61 223,617.52
76 931.74 410.31 223,207.20
77 930.03 412.02 222,795.18
78 928.31 413.74 222,381.44
79 926.59 415.46 221,965.97
80 924.86 417.20 221,548.78
81 923.12 418.93 221,129.84
82 921.37 420.68 220,709.16
83 919.62 422.43 220,286.73
84 917.86 424.19 219,862.54
7 Yr

 ---
11,128.91

 ---
4,975.74

  
85 916.09 425.96 219,436.58
86 914.32 427.73 219,008.84
87 912.54 429.52 218,579.33
88 910.75 431.31 218,148.02
89 908.95 433.10 217,714.91
90 907.15 434.91 217,280.01
91 905.33 436.72 216,843.29
92 903.51 438.54 216,404.74
93 901.69 440.37 215,964.38
94 899.85 442.20 215,522.17
95 898.01 444.04 215,078.13
96 896.16 445.90 214,632.23
8 Yr

 ---
10,874.35

 ---
5,230.30

  
97 894.30 447.75 214,184.48
98 892.44 449.62 213,734.86
99 890.56 451.49 213,283.37
100 888.68 453.37 212,830.00
101 886.79 455.26 212,374.74
102 884.89 457.16 211,917.58
103 882.99 459.06 211,458.51
104 881.08 460.98 210,997.53
105 879.16 462.90 210,534.64
106 877.23 464.83 210,069.81
107 875.29 466.76 209,603.05
108 873.35 468.71 209,134.34
9 Yr

 ---
10,606.75

 ---
5,497.90

  
109 871.39 470.66 208,663.68
110 869.43 472.62 208,191.06
111 867.46 474.59 207,716.46
112 865.49 476.57 207,239.90
113 863.50 478.55 206,761.34
114 861.51 480.55 206,280.79
115 859.50 482.55 205,798.24
116 857.49 484.56 205,313.68
117 855.47 486.58 204,827.10
118 853.45 488.61 204,338.49
119 851.41 490.64 203,847.85
120 849.37 492.69 203,355.16
10 Yr

 ---
10,325.47

 ---
5,779.18

  
  Interests Principal  
Total 114,401.65 46,644.84 203,355.16
Payment Schedule After Refinancing
No Interests Principal Balance
1 860.89 302.31 229,269.52
2 859.76 303.45 228,966.07
3 858.62 304.58 228,661.49
4 857.48 305.73 228,355.76
5 856.33 306.87 228,048.89
6 855.18 308.02 227,740.87
7 854.03 309.18 227,431.69
8 852.87 310.34 227,121.35
9 851.71 311.50 226,809.85
10 850.54 312.67 226,497.18
11 849.36 313.84 226,183.34
12 848.19 315.02 225,868.32
1 Yr

 ---
10,254.97

 ---
3,703.51

  
13 847.01 316.20 225,552.12
14 845.82 317.39 225,234.73
15 844.63 318.58 224,916.15
16 843.44 319.77 224,596.38
17 842.24 320.97 224,275.41
18 841.03 322.17 223,953.24
19 839.82 323.38 223,629.86
20 838.61 324.59 223,305.26
21 837.39 325.81 222,979.45
22 836.17 327.03 222,652.41
23 834.95 328.26 222,324.15
24 833.72 329.49 221,994.66
2 Yr

 ---
10,084.83

 ---
3,873.65

  
25 832.48 330.73 221,663.94
26 831.24 331.97 221,331.97
27 829.99 333.21 220,998.76
28 828.75 334.46 220,664.30
29 827.49 335.72 220,328.58
30 826.23 336.97 219,991.61
31 824.97 338.24 219,653.37
32 823.70 339.51 219,313.86
33 822.43 340.78 218,973.08
34 821.15 342.06 218,631.02
35 819.87 343.34 218,287.68
36 818.58 344.63 217,943.06
3 Yr

 ---
9,906.87

 ---
4,051.61

  
37 817.29 345.92 217,597.14
38 815.99 347.22 217,249.92
39 814.69 348.52 216,901.40
40 813.38 349.83 216,551.57
41 812.07 351.14 216,200.43
42 810.75 352.46 215,847.98
43 809.43 353.78 215,494.20
44 808.10 355.10 215,139.10
45 806.77 356.44 214,782.66
46 805.43 357.77 214,424.89
47 804.09 359.11 214,065.78
48 802.75 360.46 213,705.32
4 Yr

 ---
9,720.74

 ---
4,237.74

  
49 801.39 361.81 213,343.51
50 800.04 363.17 212,980.34
51 798.68 364.53 212,615.81
52 797.31 365.90 212,249.91
53 795.94 367.27 211,882.64
54 794.56 368.65 211,513.99
55 793.18 370.03 211,143.96
56 791.79 371.42 210,772.55
57 790.40 372.81 210,399.74
58 789.00 374.21 210,025.53
59 787.60 375.61 209,649.92
60 786.19 377.02 209,272.90
5 Yr

 ---
9,526.06

 ---
4,432.42

  
  Interests Principal  
Total 49,493.47 20,298.93 209,272.90