Calculators: Mortgage Refinancing

"big bri..you're the man ! i was going to contact you once i got official word that everything was paid off. yeah, this was a good deal overall. yes, i would have liked to get my hands on some more $. however, i will go by the old "you have to walk before you run" saying. once i get settled in and get a second wind (moving,etc..) i will be able to get my finances nice and tight. that said, i am without a doubt going to be using you in the future. you always give me your best effort and that is all i can ask for. thanks buddy. speak to you soon. "

This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. Not only will this calculator calculate 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:
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):

This calculator is considered reliable, but the accuracy and applicability of this calculator is not guaranteed.

MORE CALCULATORS:
Mortgage Refinancing | Rent vs. Buy | Mortgage Term Comparison | Mortgage Rate Comparison | Renter Mortgage Affordability | Mortgage Payment w/Amortization | Mortgage Consolidation & Refinancing