Mortgage Refinancing Calculator

This calculator can help you to decide whether or not you should refinance your current mortgage at a lower interest rate. Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs.

Principal Balance of Your Current Mortgage:	$
Current Monthly Mortgage Payment: (principal and interest portion only)	$
Current Mortgage Interest Rate:		%
New interest rate you will be refinancing at:		%
Number of years you will be refinancing for:		yrs
Closing costs that will be required for refinancing:	$

$		New Monthly Payment if you refinance
$		Monthly Savings
		Number of months to break even on closing costs
$		Amount of interest you will pay under your current monthly payment plan
$		Amount of interest you will pay under your refinanced monthly payment plan
$		Amount of interest you will save if you refinance
$		Net Refinancing Savings (interest savings less closing costs)
SUMMARY:
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