Mortgage Refinancing Calculator

This calculator will help you make an informed decision on if you should re-finance your existing mortgage based on today's rates and conditions.This calculator will help you define your savings by re-financing. In addition, it will also tell you how many months it will take you to re-coup your expenses such as closing costs on your loan.
Enter the principal balance of your mortgage:
(call your mortgage lender and ask for the current payoff amount)
i.e. 150000
Enter the amount of your monthly mortgage payment:
(principal and interest portion only)
i.e. 1500
Enter the your mortgage's current interest rate: % i.e. 6.5
Enter interest rate you will be refinancing at: % i.e. 6
Enter the number of years you will be refinancing for: Years
Enter the closing costs that will be required for refinancing: i.e. 1000
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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Calculators are provided as a free service to our users. No guarantee, explicit or implied, is made regarding their accuracy or suitability to a specific purpose. These calculators are provided for general information and illustration purposes only. The results may not be accurate and are not intended to be advice and may not apply to your circumstance.
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