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Refinance Calculator

This  mortgage refinance calculator may help you to decide whether or not you should refinance your current mortgage at a lower interest rate. It will calculate the new monthly payment, interest savings and the number of  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. Omit commas, dollar signs and any other non-numeric characters.  The JavaScript option must be turned on within your browser or this calculator will not work.

Enter the payoff amount of your mortgage:
Enter your present mortgage payment, omitting real estate taxes & insurance:
Enter your current annual interest rate:
What is the annual refinance rate you are considering?
Enter the number of years you will refinance for:
Enter the standard closing costs :
Usually, this is equal to about 2 percentage points or a dollar amount of .02 times the principal plus any origination fee or discount points that your broker says must be included to get the rate that you want.  The origination fee (1% of the loan amount) pays the broker for their efforts on your behalf, while "discount points" lower the interest rate.  (Also not included is the money that funds your tax and insurance escrow account at settlement...because it is assumed that an equal amount of escrow will by returned by your present lender a few weeks after you settle.)
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):

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