After construction
Post-Construction Refinance Planner
Refinancing is a trade between monthly payment, total interest, term length and closing costs. A lower payment by itself is not a reason to refinance.
Compare the two loans
Inputs
$
%
%
yrs
yrs
$
$
$
$
$
yrs
Estimated results
- Current payment
- $1,960
- Proposed payment
- $1,641
- Monthly difference
- −$319
- Break-even period
- 20.4 months
- Total estimated cost over your hold
- $144,334
- Loan-to-value
- 78.4%
- Mortgage-insurance impact
- $150 per month change
Estimate only. Actual costs, rates, taxes, insurance, loan terms, and program requirements will vary.
Questions to ask
Before you lock a refinance
- What is the total of all lender and third-party costs, not just the origination fee?
- Does this refinance reset my term, and what is the total interest difference over the life of the loan?
- Can mortgage insurance be removed at my current loan-to-value without refinancing at all?
- Is there a prepayment penalty or recapture provision on my current loan or any assistance I received?
- How long is the rate lock, and what happens if the appraisal delays closing?
- If I take cash out, how does that change my rate, mortgage insurance and loan-to-value limit?