Mortgage Calculator
Purchase Details
Home Price
$300,000
Down Payment
$60,000
(20.0%)
Loan Details
Loan Term (Years)
30
Interest Rate (%)
7.00%
Extra Monthly Payment
$0
Closing Costs
How are closing costs paid?
Closing Costs
$7,200
Defaulted to 3% of loan amount. Adjust as needed.
Tax, Insurance & PMI
Annual Property Tax
$3,000
Annual Home Insurance
$1,200
PMI Rate (%/yr)
0.50%
PMI applies — down payment is less than 20%.
PMI typically drops when you reach 20% equity.
Principal & Interest
$1,996
Base payment only
Total Monthly
$2,346
Including tax, ins & PMI
Principal & Interest
$1,995.91
Property Tax (monthly)
$250.00
Home Insurance (monthly)
$100.00
Total Monthly Payment
$2,345.91
Closing Costs (paid out of pocket)
$7,200
Payoff
Timeline
30 yrs
0 mo
0 mo
Months
Saved
0
Interest
Savings
$0
Loan Amount
$240,000
Total Interest
$478,521
| Month | Payment | Principal | Interest | Balance |
|---|
This calculator provides illustrative estimates only.
It does not constitute a loan commitment or official
quote. Actual payments, rates, and terms are subject
to credit approval, underwriting and current market
conditions. Closing costs are estimated and will vary
by lender, location, and loan type. Please contact a
local branch or loan officer for official terms.
Original Loan
Original Loan Amount
$250,000
Original Loan Term (Years)
30
Current Loan
Remaining Balance
$200,000
Current Interest Rate (%)
7.50%
Remaining Term (Years)
25
New Loan
Cash-out refinance?
New Loan Amount
$200,000
Pre-filled from balance + closing costs.
Increase this amount for a cash-out refinance.
Est. Cash-Out Proceeds
$0
New Interest Rate (%)
6.50%
New Term (Years)
30
Closing Costs
How are closing costs paid?
Closing Costs
$6,000
Defaulted to 3% of loan amount. Adjust as needed.
Current Payment
$1,748
per month
New Payment
$1,264
per month
Break-Even
Point
21 months
Lifetime Interest
(Current)
$237,054
Lifetime Interest
(New Loan)
$255,089
New Loan Amount
$204,000
Total Payment Savings
$0
Refinance calculations are estimates only. Net savings
depend on how long you remain in the home, actual
closing costs, and lender terms. Break-even assumes
closing costs are the only upfront expense. Cash-out
proceeds are estimated before taxes, liens, or other
payoffs. Current payment is derived from your original
loan amount, original term, and current interest rate.
Please contact a loan officer for a formal refinance analysis.