Refinancing of Residential Real Estate in the Greater Philadelphia Region

To Get Started, Choose the Type of Program You Have:

Saving Money By Lowering Your Monthly Mortgage Payment

If you are currently paying more than 7.0% on your current mortgage, you should consider refinancing to a lower interest rate, you may be able to save hundreds of dollars a month, as the following examples show.

Amount of Loan: $150,000
Current Term: 30 Years

Current Interest Rate: 8.75%
Principal and Interest Payment: $1,075

New Interest Rate: 6.75%
New Principal and Interest Payment: $972

 $1,075 x 360 months = $387,000

$972 x 360 months = $349,920

Over the life of the loan, that's a savings of

$37,080

Amount of Loan: $220,000
Current Term: 30 Years

Current Interest Rate: 8.25%
Principal and Interest Payment: $1,652

New Interest Rate: 6.75%
New Principal and Interest Payment: $1,427

 $1,652 x 360 months = $594,720

$1,427 x 360 months = $513,720

Over the life of the loan, that's a savings of

$81,000

What could you do with that extra money?

If you are planning to stay in your current house for more than 18 months, the costs of your new loan will be made up by the monthly savings.

Other Ways to Save Money By Refinancing Your Mortgage

Reducing the Amount of Time It Takes To Pay Off Your Loan

Putting the Equity in Your Home To Work For You

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