Current House Value |
$ |
Current Loan Amount |
$ |
Current Monthly Principal+Interest Payment |
$ |
Current Monthly Property Tax+Insurance Payment |
$ |
Current Monthly Income |
$ |
Current Market Interest Rate |
% |
Term of New Loan |
Years |
Typical Total Closing Costs |
$ |
|
You are currently spending 42.86 % of your income on your $ 1,500.00 monthly payment |
Great, your current LTV is 120.0 %, which is 125% or under so it qualifies |
Your current loan of $ 240,000.00 will require your monthly payment of $ 1500 which is 42.86 % of your income |
Your refinanced loan of $ 240,000.00 will require your monthly payment of $ 1,345.80 which is 32.74 % of your income |
Your monthly savings = $ 154.20 |
Closing Costs recouped in 13 months of savings with conventional costs of $ 2000, But in only 6 months with proposed costs of $ 960.00 |