Refinance Calculator

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:
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):