Mortgage Refinancing

This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate.

Enter the principal balance of your mortgage:
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:
 

 

Results

This is how much your monthly payment will be if you refinance:
Result
Monthly Savings:
(principal and interest portion only)
Result
Number of months to break even on closing costs:
Result
This is how much interest you will pay under your current monthly payment plan:
Result
This is how much interest you will pay under your refinanced monthly payment plan:
Result
This is how much interest you will save if you refinance:
Result
Net Refinancing Savings (interest savings less closing costs):
Result