Rework the payment
Compare a rate-and-term refinance with keeping your current loan. A smaller payment can come from a lower rate, a longer term or both.
Refinance planning
Would a refinance help?
A lower payment can be helpful, but closing costs and a longer repayment term can change the picture. Let’s compare a new loan with keeping the mortgage you have.
Eric Hyatt · Mortgage Loan Originator
NMLS #2026244 · F5 Mortgage LLC · NMLS #1938115
(303) 349-6677
Change the timeline
A different repayment term can change payment and total interest. Compare remaining interest from today, rather than starting over with the original loan.
Evaluate equity use
Cash-out financing adds borrowing secured by your home. Consider the purpose, costs, alternatives and risk, including the effect of replacing an existing mortgage.
Compare side by side
Compare both loans
over the same time frame.
- Current loan: unpaid balance, note rate, remaining term, principal-and-interest payment and any relevant payoff charges.
- Proposed loan: new balance, note rate, APR, term, points, lender fees, mortgage insurance and cash required.
- Ownership costs: taxes and homeowners insurance may change even when the loan payment improves.
- Costs financed: rolling fees into a loan increases the balance. “No cash at closing” does not mean no cost.
- Your horizon: compare payments, interest and remaining balances over the same number of months.
Break-even thinking
How long would it take
to recover the costs?
Simple cost-recovery periodRefinance costs ÷ monthly savings
This simple calculation is only meaningful when savings are positive and the cost and payment definitions are consistent. It leaves out balance differences, changing mortgage insurance, taxes, opportunity cost and the effect of extending the term.
We’ll also compare what you would pay and what you would still owe when you expect to sell, refinance again or pay off the loan. Cash-out scenarios need a separate comparison because you are also changing what you borrow.
You don’t need to be moving.
A refinance conversation is a mortgage service through F5. There is no requirement to buy, sell or hire Eric as your real estate agent.
Start with a conversation
Let’s see whether a refinance makes sense.
Start with your goal and timing. Ask Eric how to provide your current mortgage information securely for a personalized comparison.
Use email for general questions. Please do not email Social Security numbers, financial documents or other sensitive information. Ask Eric for the appropriate secure F5 workflow.
Mortgage company & licensing
Eric Hyatt, Mortgage Loan Originator · NMLS #2026244
F5 Mortgage LLC · NMLS #1938115 · Business phone: (303) 349-6677
Mortgage services through F5 Mortgage LLC. Real estate services brokered through HomeSmart, Colorado real estate license FA.100066211. Work with Eric for real estate, financing, or both. Your choice of lender and real estate broker is always yours.
Regulated by the Colorado Department of Regulatory Agencies. Equal Housing Opportunity. Information and calculator results are educational, are subject to change, and are not a rate quote, rate lock, approval or commitment to lend. Availability depends on current lender and program requirements, borrower eligibility, property and underwriting review.