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Released  January 17, 2017
By Megan Greuling

Savings based on refinancing a 30-year fixed-rate mortgage with a 6% interest rate with one at a 4.979% interest rate. The difference in savings is approximately $10,552 in total payments for 5 years, based on a $250,000 loan amount. This analysis does not consider any closing costs or the effect of possibly lengthening the term of the loan. The chart below shows sample savings for $250,000 loan amount and is not a credit advertisement for any particular program or an offered or marketed rate:

30-year mortgage for $250,000 Current Rate New Rate
Interest Rate 6% 4.875%
Monthly Payment $1,499 $1,324
Total Payment at 5 years $89,932 $79,381