Refinance Calculator
New Loan Amount
$100,000.00
Your new mortgage loan amount after refinancing
New Monthly Loan Payment (P&I)
$421.60
Your new estimated monthly payment (Principal & Interest)
Monthly Savings
$281.43
Your estimated monthly savings after refinancing
Break-Even Period
18 months
Number of months until savings cover closing costs
Loan to Value (LTV)
23.81%
The loan amount divided by the property's appraised value
DTI Analysis
Front-End DTI
8.38%(Safe)
Housing costs as a percentage of income - A 20% or less front end DTI ratio (Total Monthly Mortgage Payment) is considered very safe by most lenders.
Back-End DTI
17.47%(Safe)
Total debt payments as a percentage of income - A 36% or less back end DTI ratio (Monthly Mortgage + Other Debt Payments) is considered very safe by most lenders.
DTI-Based Affordability Scenarios
Very Affordable
$2,080.00
Maximum mortgage payment under the 'Good' DTI threshold. 28% of income
Affordable
$2,850.00
Maximum mortgage payment under the 'Medium' DTI threshold. 35% of income
Barely Affordable
$3,730.00
Maximum mortgage payment under the 'High' DTI threshold. 43% of income
Loan Type
Conventional
Conventional loans are mortgages not backed by a government agency. They typically require higher credit scores and larger down payments.