North Carolina Mortgage Refinance

Compare a North Carolina mortgage refinance: new payment and break-even on closing costs.

About North Carolina Mortgage Refinance

Compares current vs refinanced North Carolina mortgage payments and shows the break-even month on closing costs, plus savings over the new term. Extending the term may lower payments but add interest.

Formula

Payment

M = P·r·(1+r)^n / ((1+r)^n − 1)

Worked example

With the default values below, North Carolina Mortgage Refinance returns Monthly Saving of $192.84. Change any input above and every figure here is recalculated in your browser.

Inputs used

Current loan balanceminimum 0: 300,000
Current interest rateaccepts 0–15: 6.5
New interest rateaccepts 0–15: 5.5
New termone of 30-year, 15-year: 30-year
Estimated closing costsminimum 0: 7,000

Results

Monthly Saving: $192.84
Current Payment: $1,896.20
New Payment: $1,703.37
Break-even (months): 37
Total Saving: $62,421.34

Step by step

1Values used
2Payment
3Monthly Saving= 192.84
4Current Payment= 1,896.20
5New Payment= 1,703.37
6Break-even (months)= 37
7Total Saving= 62,421.34

Assumptions and limits

The result is derived only from the 5 inputs listed above. Anything not among them is not part of the calculation.
In particular, this calculator does not take inflation, tax or compounding frequency into account.
Figures are rounded for display to 2 decimal places, so totals built from several rounded parts can differ slightly from the unrounded arithmetic.
Estimate only — verify rates, taxes, title fees and insurance with lenders.
This is an estimate for general information and not professional financial, tax or legal advice. See the full disclaimer for the limits that apply to this kind of calculator.

How these calculators are built and tested is described on the Methodology page. If a figure looks wrong, please report it.

North Carolina rules are not built in

North Carolina-specific rules are not built into this calculator. It uses the same general calculation as Connecticut Mortgage Refinance. Check current figures with North Carolina’s official source before relying on the result.

Tax year: not verified · Source: none built in

Estimate only — verify rates, taxes, title fees and insurance with lenders.

Frequently Asked Questions

Should I include points?

Add points into closing costs to see a true break-even; lower rates often cost points.

How accurate is this estimate?

Rates are approximate state or national reference values. Local rates, exemptions and rules can differ, so treat the output as a planning figure only.