Summary of Calculations

• Your current mortgage would be paid in full in approximately 26.4 years. It would cost $30,016.26 in interest over the 26 months remaining in your term. At the same rate, the interest you would pay from now to the end of the amortization would be $215,827.13.
• You have approximately $150,000.00 of equity in your home. Following federal lending guidelines, up to $60,000.00 of this equity could be available for use during refinancing.
• We estimate that the penalty for breaking your mortgage term early would be approximately $3,410.04. For the exact amount, you must contact your current lender.
• After applying the refinance penalty to the mortgage balance, you would have $56,589.96 in equity left for debt consolidation purposes.

Refinanced Mortgage Details

• Your mortgage after refinancing would have a balance of $303,410.04. Your monthly payments would be about $1,645.93 per month, and it would take approximately 26.4 years to pay it down.
• By refinancing, the total amount of interest paid on your mortgage will increase by $341.51 over the remainder of your term and will increase by $2,521.33 over the full amortization of the mortgage. Your monthly payment will increase by $18.27.