Refinance comparison

Refinance comparison: new payment, months to recoup closing costs, remaining interest on each loan and lifetime savings, with optional costs rolled into the loan.

Paid test badge: not yet. The checks above are free: we call the tool without paying and read the payment request it sends back. The Verified badge needs paid calls whose answers match the promised output, and nobody can buy a badge.

Endpoint

GET https://saylorinnovations.com/api/finance/refinance

Our checks, last 30 days

Example input (from the provider)

{
  "method": "GET",
  "queryParams": {
    "balance": "280000",
    "closing_costs": "5500",
    "current_rate_percent": "7.25",
    "new_rate_percent": "6.1",
    "new_term_years": "30",
    "remaining_years": "27"
  },
  "type": "http"
}

Promised output schema (from the provider)

{
  "$schema": "https://json-schema.org/draft/2020-12/schema",
  "properties": {
    "input": {
      "additionalProperties": false,
      "properties": {
        "method": {
          "enum": [
            "GET"
          ],
          "type": "string"
        },
        "queryParams": {
          "properties": {
            "balance": {
              "description": "current loan balance",
              "type": "string"
            },
            "closing_costs": {
              "description": "optional closing costs",
              "type": "string"
            },
            "current_rate_percent": {
              "description": "current interest rate",
              "type": "string"
            },
            "new_rate_percent": {
              "description": "new interest rate",
              "type": "string"
            },
            "new_term_years": {
              "description": "new loan term in years",
              "type": "string"
            },
            "remaining_years": {
              "description": "years left on the current loan",
              "type": "string"
            }
          },
          "required": [
            "balance",
            "current_rate_percent",
            "remaining_years",
            "new_rate_percent",
            "new_term_years"
          ],
          "type": "object"
        },
        "type": {
          "const": "http",
          "type": "string"
        }
      },
      "required": [
        "type",
        "method"
      ],
      "type": "object"
    },
    "output": {
      "properties": {
        "example": {
          "properties": {
            "breakeven_months": {
              "description": "Months of savings needed to recoup upfront costs, null if no saving",
              "type": [
                "number",
                "null"
              ]
            },
            "breakeven_years": {
              "description": "Break-even in years",
              "type": [
                "number",
                "null"
              ]
            },
            "closing_costs": {
              "description": "Closing costs used",
              "type": "number"
            },
            "costs_rolled_into_loan": {
              "description": "Whether the costs were financed",
              "type": "boolean"
            },
            "current_payment": {
              "description": "Monthly payment on the existing loan",
              "type": "number"
            },
            "lifetime_savings": {
              "description": "Current total cost minus new total cost",
              "type": "number"
            },
            "monthly_change": {
              "description": "New payment minus current payment (negative is a saving)",
              "type": "number"
            },
            "new_loan_amount": {
              "description": "New principal, including rolled-in costs if chosen",
              "type": "number"
            },
            "new_payment": {
              "description": "Monthly payment on the new loan",
              "type": "number"
            },
            "note": {
              "description": "Plain-language caveat about how to read and use the result",
              "type": "string"
            },
            "remaining_interest_current": {
              "description": "Interest left to pay on the current loan",
              "type": "number"
            },
            "source": {
              "description": "Where the data or formula comes from",
              "type": "string"
            },
            "term_extended_months": {
              "description": "Change in the number of payments",
              "type": "number"
            },
            "total_cost_current": {
              "description": "All remaining payments on the current loan",
              "type": "number"
            },
            "total_cost_new_including_closing": {
              "description": "All new payments plus upfront closing costs",
              "type": "number"
            },
            "total_interest_new": {
              "description": "Total interest on the new loan",
              "type": "number"
            },
            "worth_it": {
              "description": "True when the break-even exists and lifetime cost falls",
              "type": "boolean"
            }
          },
          "required": [
            "new_payment",
            "breakeven_months"
          ],
          "type": "object"
        },
        "type": {
          "const": "json",
          "type": "string"
        }
      },
      "required": [
        "type"
      ],
      "type": "object"
    }
  },
  "required": [
    "input"
  ],
  "type": "object"
}

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