Mortgage Calculator
Using an online mortgage calculator, enter:
1. The amount of your loan
2. The term (30-year note)
3. The interest rate
Calculate the payment for each interest rate.
The lower rate saves $628/mo.
Lower interest rate and shorter time result in reducing interest paid over loan’s
life : $98,399
Current
Mortgage
Refinanced
Mortgage
Refinanced
Mortgage in a
shorter period
Mortgage Amount $200,000 $200,000 $200,000
Term 30 year 30 year 20 year
Interest Rate 8% 2.969%
(11/2/2020)
2.969%
(11/2/2020)
Monthly Payment $1,468 $840 $1,106
Monthly Savings $628 $362