MORTGAGE REFINANCING CALCULATOR
Use this calculator to help you determine if you should refinance your current mortgage at a lower interest rate. Just complete the Input Fields and click Compute to see the monthly payment and net interest savings, as well as how many months it will take to break even on the closing costs.
I n p u t F i e l d s
Your Current Mortgage
Remaining principal balance:
(
call your mortgage lender and ask for the current payoff amount
)
Monthly mortgage payment:
(principal and interest portion only
Current interest rate:
Refinancing Terms
Interest rate:
Duration of Loan (years):
Closing costs:
_____________________________________________
New monthly payment after refinancing:
Monthly savings:
Number of months to break even on closing costs:
Total amount of interest payable under your current payment plan:
Total amount of interest payable under your refinanced payment plan:
Interest you will save by refinancing:
Net Refinancing Savings (interest savings less closing costs):
Previous Calculator
Next Calculator
