Starting fees are examples, not quotes. Use the figures on your discharge authority and the new lender’s offer.
Switching pays for itself after
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Move a slider to see the difference.
Switching costs–
Interest saved, first year–
Repayment now–
Repayment after switching–
Rule of thumb: fees ÷ repayment saving–
Three ways to go
Repayment
Paid off in
Interest
Stay
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Switch, lower repayment
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Switch, keep paying the same
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Assumes your current rate is 6.50% with 25 years left, and that the new loan keeps the same 25 years — restarting at 30 years would lower the repayment without saving anything, and this widget does not count that as a saving. Principal & interest, monthly repayments. Fees are paid in cash on the day. “Keep paying the same” pays your current repayment on the new loan until it is repaid; the last payment is smaller, and it counts as a whole month. Break-even counts the repayments you save and any difference in what you still owe, and is the first month from which switching stays ahead. Government mortgage registration and discharge fees vary by state and are not included. Starting fees are examples. Indicative only. Not financial advice.