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Refinance
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Mortgage Refinance Savings Calculator
Calculate how much you'll save per month by refinancing your home loan to a lower interest with Somerset Mortgage Lenders.
Input
Financial Analysis
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Original Loan
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Refinanced Loan
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Monthly Payment
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$1,247.74
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$1,080.08
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Total Monthly Payment
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$74,864.39
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$64,804.94
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Monthly Payment Savings
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$10,059.44
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Total Interest Paid
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$56,931.13
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$51,409.13
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Tax Savings
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$17,648.65
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$15,936.83
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Tax Saving Losses
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$1,711.82
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Balance at Refinance
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$186,950.49
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Points Value
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$1,869.50
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Amount Refinanced
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$185,080.98
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Balance at Sale
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$169,017.23
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$171,685.17
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Balance Losses
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$2,667.94
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Total Losses
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$4,379.76
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Total Closing Cost
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$4,004.26
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Total Benefits
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$1,675.43
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With Somerset's many FHA home loan programs, owning your dream home is more than just a dream.
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"Our family would like to thank Somerset Mortgage Lenders for getting us out of foreclosure. Without your help we do not know what would have become of our family. When we first called, we were in Chapter 13 bankruptcy...Not only will we now be able to keep our home, but we'll be able to put ourselves on track financially, thanks to all the efforts of the wonderful people at Somerset. We will be forever grateful to you all." - Scott & Amy
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