Refinance Savings Calculator
Show clients how much they could save by refinancing.
The refinance calculator compares a client's current loan with a new loan to show potential savings. It factors in the current rate, proposed new rate, remaining loan term, and switching costs.
The calculator shows: monthly savings, annual savings, lifetime savings over the remaining term, break-even period (how long before the savings exceed the switching costs), and total cost comparison.
Switching costs typically include: discharge fee from the current lender ($150-$400), application fee with the new lender ($0-$600), valuation fee ($0-$300), and settlement/legal costs ($200-$600).
This is one of the most effective tools for client conversations. Showing someone they'll save $3,000 per year by switching is far more compelling than quoting rate differences.
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