There are various government-backed refinance programs that are designed to make the home-purchasing process easier for Americans. These programs are ai...More
For your current loan amount of $250,000.00, term of 30 years, and interest rate of 5, your total savings will be $10,730.87 after 5 years. Your total benefit is -$1,028.29. You will save $10,730.88 for your monthly payment, and will have total closing costs of $5,841.44. The chart below gives you a visual representation of when you will be able to pay off your mortgage (in years). The amortization schedule gives you an idea of your home equity built up each year, as determined by the amount of principal you will pay annually.
Given the information you entered into the calculator, refinancing your mortgage may not make financial sense at this time. Since the total benefit -$1,028.29 is negative, it would cost you more to refinance at this time than you would save.