Find Your First Home

Marry the house,
date the rate.

Buy now at
6.25%
30-year fixed
→
Refinance later at
5.00%
30-year fixed

Shave
—
off your mortgage
 
If you never refinance—
Refinance and keep the same payment—

The refinance here runs for the years left on your original 30 rather than restarting the clock, so you never give back the payments you have already made. Closing costs of about 2% of the balance are included and assumed rolled into the new loan. Actual costs and available terms vary by lender.

Purchase price
$
Down payment10% · $46,990
Rate you buy at today6.25%
Rate you refinance into5.00%
Set whatever rate you want to test. Nobody can predict where rates go.
You refinance in year2
After you refinance
Your payment stays the same. The difference goes to principal every month.
Payment before refinancing—
New minimum payment—
What you send each month—
Balance at refinance, with costs—
Paid off in—
Time saved—
Interest saved—

Principal and interest only. Taxes, insurance, HOA and mortgage insurance are not in these numbers.

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