Input Information
$
%
%
Yrs
Yrs
Mts
Yrs
%
$
Financial Analysis
  Before Refinancing
(Am. Table)
After Refinancing
(Am. Table)
Monthly Payment : $946.49 $765.79
Monthly Payment Savings : $10,841.78
Quit Fees : $0.00
Fees And Stamp Duty : $1,200.00
Refinance amount : $170,949.21
Balance at Sale : $137,234.58 $144,687.88
Balance Losses : $7,453.30
Total Savings : $10,841.78
Total Benefit
(Savings - Losses - Closing) :
$3,388.48
Results: In Plain English (Switch to Financial Analysis)

Deciding whether or not you should refinance your home mortgage depends upon several factors. It also depends upon whether you are looking to simply reduce your monthly payment or if you are hoping to save money in the long run.

To understand better, let's look at an example. If your original 25 years loan was for $200,000.00 with a 3.000% interest, and you have already paid on it for 60 months, it will reduce your monthly payment if you refinance for a new 25 years period but with a 2.500% interest rate.

Probably, you are paying $946.49 per month toward your home. When you refinance at the new rate, you will pay $765.79 instead, saving you total $10,841.78 in monthly payments.

The bottom line is:
  • total monthly payment savings will be $10,841.78
  • your remaining balance will be $7,453.30 bigger because you will pay less toward your mortgage principal (bigger principal is worse)
  • quitting previous loan and opening a new one will cost you $

Summing up these numbers, we can figure out your total refinancing BENEFIT, which will be $3,388.48.

Original Payment Schedule (Before and After Refinancing)
No Interests Principal Balance
1 496.90 449.59 199,550.41
2 495.79 450.70 199,099.71
3 494.67 451.82 198,647.88
4 493.54 452.95 198,194.94
5 492.42 454.07 197,740.86
6 491.29 455.20 197,285.66
7 490.16 456.33 196,829.33
8 489.03 457.47 196,371.87
9 487.89 458.60 195,913.26
10 486.75 459.74 195,453.52
11 485.61 460.88 194,992.64
12 484.46 462.03 194,530.61

1 Yr


5,888.50


5,469.39

 
13 483.31 463.18 194,067.44
14 482.16 464.33 193,603.11
15 481.01 465.48 193,137.63
16 479.85 466.64 192,670.99
17 478.69 467.80 192,203.19
18 477.53 468.96 191,734.23
19 476.37 470.12 191,264.11
20 475.20 471.29 190,792.82
21 474.03 472.46 190,320.35
22 472.85 473.64 189,846.72
23 471.68 474.81 189,371.90
24 470.50 475.99 188,895.91

2 Yr


5,723.19


5,634.70

 
25 469.32 477.18 188,418.74
26 468.13 478.36 187,940.37
27 466.94 479.55 187,460.82
28 465.75 480.74 186,980.08
29 464.56 481.94 186,498.15
30 463.36 483.13 186,015.01
31 462.16 484.33 185,530.68
32 460.95 485.54 185,045.14
33 459.75 486.74 184,558.40
34 458.54 487.95 184,070.45
35 457.33 489.16 183,581.28
36 456.11 490.38 183,090.90

3 Yr


5,552.88


5,805.01

 
37 454.89 491.60 182,599.30
38 453.67 492.82 182,106.48
39 452.45 494.04 181,612.44
40 451.22 495.27 181,117.17
41 449.99 496.50 180,620.66
42 448.76 497.74 180,122.93
43 447.52 498.97 179,623.96
44 446.28 500.21 179,123.74
45 445.04 501.46 178,622.29
46 443.79 502.70 178,119.59
47 442.54 503.95 177,615.64
48 441.29 505.20 177,110.44

4 Yr


5,377.43


5,980.47

 
49 440.03 506.46 176,603.98
50 438.78 507.72 176,096.26
51 437.51 508.98 175,587.29
52 436.25 510.24 175,077.04
53 434.98 511.51 174,565.54
54 433.71 512.78 174,052.76
55 432.44 514.05 173,538.70
56 431.16 515.33 173,023.37
57 429.88 516.61 172,506.76
58 428.60 517.90 171,988.86
59 427.31 519.18 171,469.68
60 426.02 520.47 170,949.21

5 Yr


5,196.67


6,161.23

 
61 424.73 521.76 170,427.45
62 423.43 523.06 169,904.38
63 422.13 524.36 169,380.02
64 420.83 525.66 168,854.36
65 419.52 526.97 168,327.39
66 418.21 528.28 167,799.11
67 416.90 529.59 167,269.52
68 415.58 530.91 166,738.61
69 414.26 532.23 166,206.39
70 412.94 533.55 165,672.84
71 411.62 534.87 165,137.96
72 410.29 536.20 164,601.76

6 Yr


5,010.44


6,347.45

 
73 408.96 537.54 164,064.23
74 407.62 538.87 163,525.36
75 406.28 540.21 162,985.15
76 404.94 541.55 162,443.59
77 403.59 542.90 161,900.70
78 402.24 544.25 161,356.45
79 400.89 545.60 160,810.85
80 399.54 546.95 160,263.90
81 398.18 548.31 159,715.59
82 396.82 549.67 159,165.91
83 395.45 551.04 158,614.87
84 394.08 552.41 158,062.46

7 Yr


4,818.59


6,539.30

 
85 392.71 553.78 157,508.68
86 391.33 555.16 156,953.52
87 389.95 556.54 156,396.98
88 388.57 557.92 155,839.06
89 387.18 559.31 155,279.76
90 385.80 560.70 154,719.06
91 384.40 562.09 154,156.97
92 383.01 563.49 153,593.49
93 381.61 564.89 153,028.60
94 380.20 566.29 152,462.31
95 378.80 567.70 151,894.62
96 377.38 569.11 151,325.51

8 Yr


4,620.94


6,736.95

 
97 375.97 570.52 150,754.99
98 374.55 571.94 150,183.05
99 373.13 573.36 149,609.69
100 371.71 574.78 149,034.91
101 370.28 576.21 148,458.70
102 368.85 577.64 147,881.06
103 367.41 579.08 147,301.98
104 365.97 580.52 146,721.46
105 364.53 581.96 146,139.50
106 363.09 583.40 145,556.10
107 361.64 584.85 144,971.24
108 360.18 586.31 144,384.94

9 Yr


4,417.32


6,940.57

 
109 358.73 587.76 143,797.17
110 357.27 589.22 143,207.95
111 355.80 590.69 142,617.26
112 354.33 592.16 142,025.10
113 352.86 593.63 141,431.48
114 351.39 595.10 140,836.37
115 349.91 596.58 140,239.79
116 348.43 598.06 139,641.73
117 346.94 599.55 139,042.18
118 345.45 601.04 138,441.14
119 343.96 602.53 137,838.61
120 342.46 604.03 137,234.58

10 Yr


4,207.54


7,150.35

 
  Interests Principal  

Total


50,813.50


62,765.42


137,234.58

Original Payment Schedule (Before and After Refinancing)

No Interests Principal Balance
1 354.30 411.49 170,537.72
2 353.45 412.34 170,125.37
3 352.60 413.20 169,712.18
4 351.74 414.06 169,298.12
5 350.88 414.91 168,883.21
6 350.02 415.77 168,467.43
7 349.16 416.64 168,050.80
8 348.30 417.50 167,633.30
9 347.43 418.36 167,214.94
10 346.56 419.23 166,795.71
11 345.69 420.10 166,375.61
12 344.82 420.97 165,954.64

1 Yr


4,194.96


4,994.58

 
13 343.95 421.84 165,532.79
14 343.08 422.72 165,110.07
15 342.20 423.59 164,686.48
16 341.32 424.47 164,262.01
17 340.44 425.35 163,836.66
18 339.56 426.23 163,410.43
19 338.68 427.12 162,983.31
20 337.79 428.00 162,555.31
21 336.91 428.89 162,126.42
22 336.02 429.78 161,696.64
23 335.13 430.67 161,265.98
24 334.23 431.56 160,834.42

2 Yr


4,069.32


5,120.22

 
25 333.34 432.45 160,401.96
26 332.44 433.35 159,968.61
27 331.55 434.25 159,534.36
28 330.65 435.15 159,099.21
29 329.74 436.05 158,663.16
30 328.84 436.96 158,226.20
31 327.93 437.86 157,788.34
32 327.03 438.77 157,349.57
33 326.12 439.68 156,909.90
34 325.21 440.59 156,469.31
35 324.29 441.50 156,027.81
36 323.38 442.42 155,585.39

3 Yr


3,940.51


5,249.03

 
37 322.46 443.33 155,142.06
38 321.54 444.25 154,697.80
39 320.62 445.17 154,252.63
40 319.70 446.10 153,806.53
41 318.77 447.02 153,359.51
42 317.85 447.95 152,911.57
43 316.92 448.88 152,462.69
44 315.99 449.81 152,012.88
45 315.06 450.74 151,562.15
46 314.12 451.67 151,110.47
47 313.19 452.61 150,657.86
48 312.25 453.55 150,204.32

4 Yr


3,808.47


5,381.07

 
49 311.31 454.49 149,749.83
50 310.37 455.43 149,294.40
51 309.42 456.37 148,838.03
52 308.48 457.32 148,380.71
53 307.53 458.27 147,922.45
54 306.58 459.22 147,463.23
55 305.63 460.17 147,003.06
56 304.67 461.12 146,541.94
57 303.72 462.08 146,079.86
58 302.76 463.03 145,616.83
59 301.80 463.99 145,152.84
60 300.84 464.96 144,687.88

5 Yr


3,673.10


5,516.44

 
  Interests Principal Balance

Total


19,686.35


26,261.33


144,687.88

DISCLAIMER: The calculator tool above is not guaranteed accurate and is intended for learning purposes only. Please consult a Loans Canada representative for more information or to apply for a mortgage.