You are here

Refinance Calculator

How do you know if it makes sense to refinance your mortgage? The Refinance Calculator will help you to determine the value in refinancing your mortgage to a new rate. Enter in your loan balance, your current payment, the existing mortgage rate, the new rate, and any closing costs and it will handle the rest.
 

Principal balance of your mortgage:
(call your mortgage lender and ask for the current payoff amount)
Current monthly mortgage payment:
(principal and interest only)
Interest rate of your current mortgage:
Interest rate for new loan:
Number of years you will be refinancing for:
Closing costs required for new loan:

 

This is how much your monthly payment will be if you refinance:

Monthly Savings:
Number of months to break even on 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):


 

Theme by Danetsoft and Danang Probo Sayekti inspired by Maksimer