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CloseSee how much less you might pay each month by refinancing.
See if refinancing makes sense for you. Whether you want to lower your monthly payment or shorten your mortgage term, see how much refinancing to today's rates can help you better manage your mortgage or meet your goals.
Question answer section
Current monthly payment
Current loan
Refinance monthly payment
Refinancing
Savings per month$56
Number of months to recoup closing costs10
opens modal dialog for more information about number of months to recoup closing costsBased on the information you provided, the amount above can give you an idea of the estimated monthly reduction in your payment you could achieve by refinancing your existing mortgage at the terms you selected. It's important to consider upfront closing costs on your new loan, and the time it will take to recoup those costs. Note that some of the reduction in payments may reflect extending the due date on your loan rather than a lower interest rate. If your refinance is at a lower rate than the previous loan, you may save money if you continue making the same or higher payments. If you lower your payments too, however, you may pay higher total interest even though your rate is lower, because the debt is extended over a longer period.
You selected an adjustable rate mortgage or ARM. The amount above can give you an idea of the estimated monthly reduction in your mortgage payment you could achieve during the initial, fixed rate portion of your loan period* by refinancing your existing mortgage at the terms you selected. It's important to consider upfront closing costs on your new loan, and the time it will take to recoup those costs. In addition, you may want to discuss with a Discover mortgage banker any potential effects of changing from extending the term of your loan(s). Note that some of the reduction in payments may reflect extending the due date on your loan rather than a lower interest rate.
Call our helpful mortgage bankers at 1-888-866-1212 to start the conversation about whether refinancing is right for you.
* For example, for a 5/1 ARM, the fixed rate period is 5 years, or 60 months. After the fixed rate period, your payment may change based on the change in the index used to calculate your interest rate.
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