Current loan
Start with the current balance, rate, payment, remaining term, and loan type.
Refinance review
Before replacing the mortgage, prove the new loan improves the situation.
A refinance should be evaluated against the current mortgage using payment, balance, term, costs, equity, and expected time horizon.
Proposed structure
Compare the new loan amount, rate, term, and total payment.
Closing costs
Include lender, title, escrow, prepaid items, and financed costs.
Break-even
Estimate how many months of savings are required to recover the transaction cost.
Long-term impact
Compare remaining balance and total interest, not just immediate payment savings.
Decision
Refinance only when the structure supports the actual financial goal.
Ready for the next step?