| How Much Would You Save? | |||
|---|---|---|---|
| A homeowner with a 30-year, $200,000 mortgage charging 8% interest would pay $1,468 each month. The table below illustrates the potential monthly savings and the various break-even periods that would result from refinancing at different rates. | |||
| Rate After Refinancing | New Monthly Payment | Monthly Savings | Months to Break Even* |
| 7.5% | $1,398 | $70 | 29 |
| 7.0% | $1,331 | $137 | 15 |
| 6.5% | $1,264 | $204 | 10 |
| 6.0% | $1,199 | $269 | 8 |
| 5.5% | $1,136 | $332 | 7 |
| 5.0% | $1,074 | $394 | 6 |
*Assumes $2,000 closing costs. Rounded up to the next highest month. | |||
So as you can see it is very important to get the lowest rates that you can find for your mortgage. You may be thinking well where do I go to compare rates? We make it easy for you to find lenders by listing them on our site here for you to quickly access and check out their rates. Also for your convince a easy to use mortgage calculator is on the site for you to use.
