Refinancing Calculator

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.

Your Current Mortgage Information

Principal:

Monthly Payment:

Interest Rate:

Refinancing Information

Interest Rate to Refinance:

Years to Refinance:

Closing Costs to Refinance:

If you are unsure, multiply your current balance owed by 0.3.

Refinanced Monthly Payment:

Monthly Savings:

Months to Pay Off Closing Costs:

Current Plan's Total Interest:

Refinanced Plan's Total Interest:

Interest Saved by Refinancing:

Net Savings (Minus Closing Costs):

The accuracy of this calculator and its applicability to your circumstances is not guaranteed.

Results should be discussed with a qualified professional before any product purchases or loan commitments are made.