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Every number below is an editable assumption. This shows what the math says under the assumptions you give it — not personalized advice about what you should do.
Payment drops by $190/month
Closing costs pay for themselves in 27 months.
Current payment: $2,120/mo · New payment: $1,930/mo
Saves $3,353 in interest over 10 years
A lower monthly payment isn't always a lower total cost — stretching the term back out can cost more in interest even at a better rate. This compares the two loans' total interest over the same 10-year window.
Monthly paymentfor each loan uses the standard amortization formula on the current balance, at each loan's own rate and term.
Total interest over the horizon= total payments made during that window minus how much principal actually got paid down — for each loan, capped at that loan's own term if shorter than the horizon.
Rate-and-term refi only — no cash-out. Closing costs are assumed paid out of pocket, not rolled into the new loan balance. No tax effects are modeled.