Amount of Loan: $150,000 Current Term: 30 Years
Current Interest Rate: 8.75%
New Interest Rate: 6.25% |
$1,075 x 360 months = $387,000 $1,286 x 180 months = $231,480 Over the life of the loan, that's a savings of $153,520 |
Amount of Loan: $220,000 Current Term: 30 Years
Current Interest Rate: 8.25%
New Term: 20 Years
|
$1,652 x 360 months = $594,720 $1,672 x 240 months = $401,280 Over the life of the loan, that's a savings of $193,440 |
Putting the Equity in Your Home To Work For You