Complete these simple figures to find out what a change in rate can mean to your monthly payment and how much you can save over the life of the loan.
Use Bills.com's Mortgage Refinance Calculator to see your new monthly payment.
First, enter your current mortgage balance, interest rate, and the number of years left to pay.
Then, put in the new interest rate (you can check the current rate table below) and the repayment period.
Find out your new monthly payment and the difference in monthly payments and the amount you owe over the life of the loan.
Don't forget to take into account closing costs and the amount of time that you will stay in your home.
Did you lengthen, shorten or keep the same amount of time to repay? If the difference is negative, then you are paying less each month. If positive, then your monthly payment increased.
Make sure that you check closing costs including lender fees and third party fees. Also, if your LTV is over 80%, or if you take a FHA loan, then you need to consider the cost of mortgage insurance. Remember, the amount of savings will change over the life of the loan.