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What 1% Will Save You on Your Mortgage [Infographic]

What 1% Will Save You on Your Mortgage [Infographic]

Should you refinance your home?

Is it worth it?

That depends! But should you look into it? Yes!

It’s amazing what 1% can save you over 10, 20 or 30 years.

This is a sweet infographic that breaks down exactly what 1% could mean for a refinance…

Should You Refinance?

I’ll be posting an in-depth article next week on whether or not you should refinance, but there are a few things to know right now.

It’s easy to calculate the decision. You will need to figure out…

  1. The new interest rate after you refinance
  2. The approximate closing costs of your refinance
  3. The total amount you would save with the new interest rate

Or you can use the refinancing calculator I’ll be posting next week.

It’s not always as simple as those 3 steps. I’ll go into more detail next week.

You pay much more interest in the early years of a mortgage than you do in the later years. This means that a refinance may not make much of a difference if you only have a few years left.

You also don’t want to take out a new 30 year loan if you are close to paying off your existing mortgage.

Without further ado, here is this great infographic from Zillo.com to show you the difference that 1% can make on your mortgage…

What 1% Will Save You on Your Mortgage [infographic]

Are you considering a refinance?

Have you ever refinanced a home?

Share in the comments!

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Kalen is the main finance writer for MoneyMiniBlog. He came up with the idea of mini blogging. When Kalen isn't writing and maintaining MMB, he is generally busy being a husband, father, web designer and musician. He also serves on active duty in the United States Air Force.
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10 Comments

    • Hey DC,

      It is crazy! We were able to get a lower interest rate as well. It feels so much better to not be robbed quite as badly.

  1. We have a pretty good interest rate so we won’t be looking at re-financing any time soon, but if they drop at all, we might consider it. It’s tough because who knows where interest rates are going, and if they jump, then we will be looking at the exact opposite – more money going toward the mortgage.
    Daisy @ Prairie Eco Thrifter recently posted…A Matter of PerspectiveMy Profile

    • Hey Daisy,

      Interest rates are great right now. The last few years have been so low. I am glad we were able to get a great rate.

    • Hey Catherine,

      It is crazy! Getting out of debt is important! As far as your credit score, I just tried Credit Sesame to monitor my credit and it works great! Plus, it’s free! I think I like it better than Credit Karma.

    • Very true! I couldn’t agree more. I just posted another article on refinancing.

      Thanks for the comment!

  2. We refinanced both of our rental properties in 2012 and the cumulative savings was something like 100K! We may never “see” that money, but at least we don’t have to spend it.
    Holly@ClubThrifty recently posted…Your Mortgage: Is 30 Years Too Long?My Profile

    • Hey Holly,

      That’s awesome! It’s amazing how much you can save if you are able to refinance at the right time. It’s still 100k, so it’s like paying off 100k in debt, congrats!

      Thanks for the comment!

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