| 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 (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): |
|
