Current Loan

6.50% | 30-Year

• Monthly P&I: $3,160
• Total interest: $637,722

Refinance at 5.875%

30-Year

• Monthly P&I: $2,958
• Total interest: $564,768
• Interest saved: $72,954
• Cash-flow improvement of ≈ $202/month

20-Year

• Monthly P&I: $3,546
• Total interest: $351,086
• Interest saved: $286,636
• Much faster equity buildup with a moderate payment increase

15-Year

• Monthly P&I: $4,186
• Total interest: $253,407
• Interest saved: $384,315
• Maximum long-term savings, fastest payoff

Takeaway

• 30Y: Best for monthly savings
• 20Y: Strong balance of payment + wealth building
• 15Y: Massive interest savings if cash flow allows

Soft Credit pull, let’s find out. http://www.YourApplicationOnline.com