Mortgage Refinancing

This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs.

Enter the principal balance of your mortgage	$		Call your mortgage lender and ask for the current payoff amount
Enter the amount of your monthly mortgage payment (Principal and Interest Only)	$
Enter your mortgage's current interest rate		%
Enter interest rate you will be refinancing at		%
Enter the number of years you will be refinancing for
Enter the closing costs			Typically, # of points is "2" or dollar amount is .02 times the principal
Would you like to finance the closing costs?

This is how much your monthly payment will be if you refinance
Monthly Payment Reduction
Number of months for interest savings to offset closing costs
This is how much interest you will pay under your current monthly payment plan
This is how much interest you will pay under your refinanced monthly payment plan
This is how much interest you will save if you refinance
Net Refinancing Savings (interest savings less closing costs)