Refinance Calculator


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:
Enter the number of years you will be refinancing:
Enter the closing costs that will be required for refinancing:
(If you're not sure, multiply your current balance owed by .03 )

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):

 

*Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice or a guarantee of credit. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.