Calculateur de Refinancement — Formule
## How Refinance Savings Work
Refinancing replaces your existing mortgage with a new one, ideally at a lower interest rate. Savings come from the difference in monthly payments.
### Key Factors
- **Lower rate** = lower monthly payment
- **New term length** affects total interest paid
- **Closing costs** must be factored into break-even analysis
Compare the total cost of remaining on your current loan vs the total cost of the new loan.
Refinancing replaces your existing mortgage with a new one, ideally at a lower interest rate. Savings come from the difference in monthly payments.
### Key Factors
- **Lower rate** = lower monthly payment
- **New term length** affects total interest paid
- **Closing costs** must be factored into break-even analysis
Compare the total cost of remaining on your current loan vs the total cost of the new loan.
Exemple Résolu
You owe $250,000 at 7% with 25 years remaining. You can refinance at 5.5% for 30 years.
- Current monthly payment: $250,000 at 7% for 25 years = $1,767.63
- New monthly payment: $250,000 at 5.5% for 30 years = $1,419.47
- Monthly savings: $1,767.63 - $1,419.47 = $348.16
- Current total remaining cost: $1,767.63 * 300 = $530,289.00
- New total cost: $1,419.47 * 360 = $511,009.20