Refinance Calculator

 
 

The Refinance Calculator helps you decide whether or not you should refinance your current mortgage at a lower interest rate.

The Refinance Calculator will calculate monthly payments and net interest savings, as well as calculate how many months it will take to break even on the closing costs.

Note: When entering numbers into the data fields only use numbers and applicable decimal points. Commas, dollar signs, or any other non-numeric characters will cause an error. This calculator will not function if you have JavaScript disabled.

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 at:
Enter the number of years you will be refinancing for:
Enter the closing costs*    :
*Typically, the number of points is "2". Do not put in the % sign. Entering "2" equals .02 (2%) times the principal.
Would you like to finance the closing costs?

See Results below on this page.
               

RESULTS

This is how much your monthly payment will be if you refinance:
Monthly Payment Reduction:
# of months for interest savings to offset closing costs:
 

 


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