Loan Scenarios

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Math Lab

VA IRRRL Simulation

Adjust your current and new loan assumptions below.

Current Loan

Current Balance$300,000

Current Rate6.875%

Current P&I Payment$1970.66

New Loan

New Rate5.625%

Estimated Closing Costs$3,500

Current Payment

$1971

New Payment

$1756

-$215/mo

Closing Costs Rolled In

$5,018

Cash to Close

$0

Scenario Details

The Strategy

This scenario appears attractive because the borrower lowers their monthly payment by $214.81, keeps approximately $3941.32 from skipped payments in pocket, and recovers the cost in 24 months.

Monthly Cash Flow

+$215 /mo

Break-Even

24 months

Est. Lifetime

+$77,331

Risk Level

Low Risk

Model Confidence

High

Mortgage Math Note: A lower rate is not always the best deal. The right option depends on closing costs, how long you expect to keep the loan, and your monthly cash flow goals.

Benefit Stack

The Benefits

+$5,656

Skipped Payments

Escrow Refund

Monthly Savings:+$215

Skipped Payments:+$3,941

Escrow Refund:+$1,500

The Costs

-$5,018

Closing Costs

VA Funding Fee

Closing Costs:-$3,500

VA Funding Fee:-$1,518

Timeline

Mortgage Math Lab | Credit Studio | EarlOne