Amount of Loan: $150,000 Current Term: 30 Years
Current Interest Rate: 8.75%
New Interest Rate: 6.75% |
$1,075 x 360 months = $387,000 $972 x 360 months = $349,920 Over the life of the loan, that's a savings of $37,080 |
Amount of Loan: $220,000 Current Term: 30 Years
Current Interest Rate: 8.25%
New Interest Rate: 6.75%
|
$1,652 x 360 months = $594,720 $1,427 x 360 months = $513,720 Over the life of the loan, that's a savings of $81,000 |
If you are planning to stay in your current house for more than 18 months, the costs of your new loan will be made up by the monthly savings.
Putting the Equity in Your Home To Work For You