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Mortgage Refinance Calculator

In this time of low interest rates, you might want to consider refinancing your current home mortgage. The calculator below will help you determine whether or not you should refinance your mortgage at a lower rate. It will provide an estimate of any savings you may achieve with a refinance.

Your current mortgage information
(1) Enter the principal amount due on your mortgage. You can obtain this number from your lender.
(2) Enter the interest rate on your current mortgage as an annual percentage rate (e.g., 8.25% = 8.25).
(3) Enter your monthly mortgage payment (do not include the amount of your payment earmarked for insurance, property taxes, or other items).

Your proposed new mortgage information
(4) Enter the interest rate on your proposed new mortgage as an annual percentage rate.
(5) Enter the number of years of your proposed new mortgage in decimal format (e.g., 15 years and 6 months = 15.5).
(6) Enter your closing costs (or an estimate) for the proposed new mortgage.
   

Your Results . . .
Monthly Estimates Total Estimates
Your old monthly payment Total estimated interest due on old mortgage
Your new monthly payment Total estimated interest due on new mortgage
Your estimated monthly savings Total estimated savings on interest
Estimated savings on interest less closing costs
Estimated number of months to recover closing costs

Before you make a final decision, we recommend you consult a lender or an attorney to determine whether you will benefit from refinancing. The upfront costs of the refinance transaction may outweigh any savings in interest payments. The key is to determine how soon you will (a) recoup your closing costs and (b) pay off the mortgage.

 

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