Refinance Analysis & Comparison
Enter the number of years until you expect to sell or refinance again
Enter Your Current and Proposed Loan Factors
  Current   Option 1   Option 2   Option 3
Original and Proposed Loan Amounts
Current and Proposed Interest Rates
Discount Points if any
Loan Term in Years
Monthly Principal and Interest Payments        
Monthly Savings vs. Current Loan
Enter the Approximate Closing Cost Factor
Approximate Base Costs using % of loan amount      
Cost of Discount Points
Total Approximate Closing Costs
Months to Recoup Closing Costs
Total Payment Savings over years selected
Total Payment Savings less Closing Costs
The benefit of comparing different options, especially paying points vs. not or comparing different loan terms, becomes much more clear when done on the same page. Comparisons are most beneficial in this format where a particular number of years is selected to represent how long you expect to have your new loan. What at first may have been a quest for the lowest interest rate can now be more intelligently focused on finding the lowest cost over the life of the loan you plan to use. Such comparisons can go a long way to refute the "conventional wisdom" that the lowest rate is always the best choice. In fact, the best choice is the one that costs the least. Otherwise, if you won't be in your home or loan long enough to recoup the cost of paying for the lowest rate, your choice may prove to be just a low rate on a high priced loan. The alternative of minimizing closing costs while still saving on your monthly payment can often make more sense.

Hide Buttons
Menu Reset Print Email Send PDF as Email Create PDF