Mortgage Refinance Calculator

Should you refinance your mortgage?

Whenever interest rates drop, the appeal of refinancing your mortgage grows.

 But it's important to know the real costs - and potential savings - before making a move.The calculator below helps you assess the impact of refinancing your mortgage. The issues are two-fold. The first step enables you to look at the monthly savings you will have with a lower interest rate. At the bottom of the page, you can total the costs of the refinancing. All of the data is then processed so that you can determine how many months it will be before you recoup the costs of the loan.  In addition refinance calculator allows you to compare your current loan vs. new loan to determine the savings.

Will you save by refinancing your mortgage
Information on your CURRENT Mortgage
What was the month in which this mortgage originated?
What was the year in which this mortgage originated?
What was the original amount of this mortgage?
What is the term of this mortgage? year
What is the interest rate?
 
Information on your NEW Mortgage
What is the mortgage amount? (The value at right is the calculated amount you currently owe)
What is the term of this mortgage? year
What is the interest rate?
What are your estimated closing costs, including any points paid upfront?
 
The Results
Your current monthly payment is
Your new monthly payment will be
If you refinance now, your monthly payments will be reduced by
Time to "break even," or to recoup all refinance closing costs.
 
Mortgage analysis

 Current Loan

 New Loan
Number of payments made so far
Number of remaining payments at refinance date
Total interest paid as of refinance date
Total unpaid interest at refinance date