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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.

Get real numbers · 702-510-9625 See this week's homes →