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Refinancing Calculator

 

  Should I refinance my current mortgage?

This calculator will help you decide whether or not you should refinance your current mortgage at a lower interest rate. It will also show you how many months it will take to break even on your closing costs.

Place your cursor in the fields and fill in the requested information to the best of your knowledge. Use the tab key on your keyboard to move through the form. Once the required fields are completed, the form will automatically populate with the information you have requested.

$    What is the balance, or payoff amount, on your current mortgage?
$    What is your current monthly mortgage payment?
% What is the interest rate of your current mortgage?
% What is the interest rate of the new mortgage if you refinance?
    How many years will you refinance the mortgage for?
$    What are your refinance closing costs?

    This would be your new monthly payment if you refinance.
    If you refinance at a lower rate, this is the amount of money you will save per month.
    It will take you this many months to break even on closing costs if you refinance.
    This is the total interest you will pay under your current payment plan.
    This is the total interest you will pay under your refinanced monthly payment plan.
    This is the amount you will save in interest if you refinance at the lower rate.
    This is your net refinance savings. (interest savings minus closing costs).


Note: This calculator is provided to give you a general idea. We cannot guarantee the accuracy or the applicability to your situation. Please consult a qualified professional. If you use a 0% interest value, the calculator will automatically use a default value of .001. Please be aware that the values may vary slightly.

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