Lower Your Monthly Payment
A lower monthly mortgage payment can help free-up money you can save, invest or use for other expenses. When rates are favorable, refinancing to a lower rate or longer-term mortgage can keep more money in your pocket every month.
Example: The Smiths have 25 years remaining on their 30-year mortgage and their home has appraised for $200,000.
| Mortgage Amount | Rate | Term | Monthly Payment | |
|---|---|---|---|---|
| Original Mortgage | $150,000 | 7% | 30-year | $998 |
| Refinance | $141,198* remaining balance |
5% | 30-year | $758 |
Example: The Smiths have 13 years remaining on their 15-year mortgage and their home has appraised for $200,000.
| Mortgage Amount | Rate | Term | Monthly Payment | |
|---|---|---|---|---|
| Original Mortgage | $150,000 | 7% | 15-year | $1,348 |
| Refinance | $137,847* remaining balance |
5% | 30-year | $740 |
*Remaining balance assumes that the borrower will pay all closing costs out of pocket.