Your refinance is set to amortize over 3 years as opposed to 30 which is what I'm assuming you meant to type which is making your monthly interest payment skyrocket. Also, you are being greedy on the interest rate, it's always better to run your numbers with a more conservative interest rate and be pleasantly surprised than it is to use a low rate in your calculations and to have negative cash flow. Depending on your lender, rates will more likely be in the 4-4.5% range as of now. Be sure to shop around and get multiple quotes as well as confirming if you can "buy down" the rate with discount points. That will be a %fee of the overall loan value (i.e. a 3.75% rate after 0.75 points means you have to pay 0.75% of the loan value upfront to get the 3.75% rate). Also, another quick tip, check if your lender will let you roll the refinancing costs into the new loan so you don't have to pay it all up front, but rather spread it out over 30 year albeit with added interest.
@Jake Hansen thank you so much for your feedback. I am a newbie and was playing around with the calculator. Does amortize simply means the number of years you want to refinance the loan correct? it is a new word for me and I have no clue what it means in the real state world
@Jose Zaldivar Yes, amoritizing a mortgage means to pay off your debt through payments. The amoritization schedule shows the complete paydown of the loan amount over X years (usually 15 or 30).