How much could I save with Mortgage Refinance Interest Savings ?

Use this mortgage refinance interest savings calculator to find out how much interest you could save if you were to refinance your mortgage today. Enter the specifics about your current mortgage and current appraised value, new loan term, the interest rate and closing costs. The calculator will determine how much interest you could save if you choose to refinance and will also calculate the number of months it will take you to breakeven on your closing costs. Click the "View Personalized Report" button for a more detailed look.

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Definitions

Appraised home value
Current market value of your home.

Original loan amount
Total amount for your original mortgage.

Original rate
Annual percentage rate of your original mortgage.

Original term in years
The total number of years for your original mortgage.

Number of payments made
The total number of payments you have made on your original mortgage.

Annual property taxes
Your annual property taxes.

Annual home insurance
Your annual homeowner's insurance premium.

Monthly PMI
The amount you pay each month for PMI. This is usually between 0.5% and 2% annually of your loan amount if you have less than 20% equity in your home.

Current PITI
Current monthly Principal, Interest, Taxes and Insurance payment.

New rate
Annual percentage rate of your new mortgage.

New term
The total number of years for your new mortgage.

New mortgage balance
Total amount for your new refinanced mortgage. This amount is equal to your current balance on your original mortgage. Closing costs and prepayment penalties are assumed to be payable at the time of closing. Closing costs are not added to your new mortgage balance.

Closing costs
Total fees and other costs associated with the new mortgage and paid at the time of closing. This calculator assumes that all closing costs are paid with proceeds other than the new mortgage (closing costs are not added to the total for your new mortgage amount).

New PITI
New monthly Principal, Interest, Taxes and Insurance payment.

New loan to value
Total loan amount divided by the appraised value of your home.

We welcome the opportunity to discuss how we can assist you. We will provide you with professional, yet personal assistance in assessing your specific needs. Contact Us

This information is provided for illustrative purposes only and is not intended to constitute legal, financial or other advice. This information does not constitute an application, offer or commitment by Cabarrus Bank & Trust or a representation of current tax, stock value, interest rates, investment performance or any other future performance. The accuracy of this calculator and its applicability to your circumstances is not guaranteed. You should obtain personal advice from qualified professionals.

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