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You can consider refinancing, but it will mean higher out of pocket costs
The break-even point is 6 years 1 months. You will lose money if you refinance and keep your loan for less time than this. You will save money if you refinance and keep your loan longer than this.
Total savings: −$917.36
5 years 0 months
| Comparison at 5 years 0 months | Current loan | New loan | Savings |
|---|---|---|---|
| Monthly amount (gross before taxes) | $2,899.80 | $2,210.48 | $689.32 |
| Total interest payment (net after taxes) | $57,326.93 | $57,704.21 | −$377.28 |
| Cost of refinance (net after taxes) | $0.00 | $3,600.00 | −$3,600.00 |
| Investment opportunity cost (net after taxes) | $13,746.40 | $10,686.48 | $3,059.92 |
| Total | $71,073.32 | $71,990.68 | −$917.36 |