| This calculator will help you to determine the value in refinancing your mortgage to a new rate. Enter in your loan balance, your current payment, the existing mortgage rate, the new rate, and any closing costs and we will handle the rest. |
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 and interest only) | |
| Enter the interest rate of your current mortgage: | |
| Enter interest rate you will be refinancing at: | |
| Enter the number of years you will be refinancing for: | |
| Enter the closing costs that will be required for refinancing: | |
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| 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): | |
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