Mortgage Refinance Calculator

Mortgage Refinancing Calculator
This calculator will help you to decide if you should refinance your current mortgage at a lower interest rate. It will calculate the monthly payment and net interest savings, and also how many months it will take to break even on the closing costs. Don't get "hung up" on the time it takes for the monthly savings to repay the costs. If it is a struggle to make your payment now, any savings may help regardless of the time it takes to "pay back" the cost of the refinance.
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 portion only)
Enter the 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 that will be required for refinancing:

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):

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