Mortgage Refinance Calculator
|
|
This mortgage loan calculator will help you to decide whether or not you should refinance
your current mortgage at a lower interest rate. Not only will the refinance
calculator compute the monthly payment and net interest savings, but
it will also calculate how many months it will take to break even on
the closing costs.
|
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 &
Interest Only):
|
|
|
Enter
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
:
(Typically, # of points is "2" or dollar amount is
.02 times the principal)
|
|
|
Would
you like to finance the closing costs?
|
|
|
|
|
This
is how much your monthly payment will be if you refinance:
|
|
|
Monthly
Payment Reduction:
|
|
|
#
of months for interest savings to offset 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):
|
|
|
|
