West Ridge Financial
Mortgage calculators
Compare your current payment with a new one and see how long the savings take to cover closing costs, honestly.
Refinance break-even
A refinance only makes sense if you keep the loan long enough for the savings to cover what it costs to get. Enter your current balance and principal-and-interest payment, then an example rate and term.
If the numbers don’t work, this calculator will tell you so. That’s a useful answer too, and Mike would rather you hear it now.
Estimates only. Example rates are not current offers or a commitment to lend. Results are rounded and rely on the assumptions shown, which you can change. Your actual terms depend on your full application, including credit, income, property, and loan program.
Good to know
If closing costs are $6,000 and your payment drops $200 a month, it takes 30 months to come out ahead. If you expect to sell or refinance again before then, the refinance likely costs more than it saves.
Starting a new 30-year term on a loan you’ve already paid down for years can raise the total interest you pay, even at a lower rate. A shorter new term can help, with a higher monthly payment.
Costs can sometimes be rolled into the loan or offset by a lender credit in exchange for a higher rate. Each option shifts the payment and the break-even point, so it’s worth seeing them side by side.
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Mike or the West Ridge team will reach out soon. Need an answer now? Call (801) 971-3956.
