The Power of a Quarter of a Percent | Save Up To $50,000 or more

PUBLISHED April 12, 2024

Douglas Dahl

Black Ink Mortgage

License No: 253041

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  • Regardless of your current rate, even a small decrease such as 1/4% can reduce your payment substantially. By lowering your rate but continuing on with your same payment amount shortens the remaining term by years, saving you thousands

  • Talk to your Loan Broker Today about any available REFI opportunities to save you money


Have you ever wondered if it’s worth refinancing your home loan when the rate dips just a little, say, 1/4%?

Let’s do the math using the sample below..

  • Current Loan Balance: $580,000
  • Current Interest Rate: 6.75%
  • Payment $3,891.16 – not including tax or insurance
  • Remaining Term: 325 months (27 years)NEW REFI LOAN
  • New Rate: 6 1/2%
  • New Payment: $3,666
  • New Term: 360 months (30 Years)

New Vs. Old Savings

The monthly payment is reduced by $225. On the flip side, the loan term has been extended by 3 years. OR HAS IT?

If the new terms are accepted but the borrower simply elects to simply continue making the same payment amount as on the old loan – $3,891.16, the new refinanced loan would be paid off in 305 payments thus reducing the original remaining term by 20 payments. That’s an overall savings of $57,823 over the full term.

Numbers don’t lie. If anyone wants truly pay their home loan off sooner, when refinance opportunities exists, this is a really good way to do it.

Call your Mortgage Broker Today and ask if there are any available refi savings opportunities you should know about.

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