Mortgage Refinance Calculator

This home mortgage refinance calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. Not only will this home refinance 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 mortgage:
(call your mortgage lender and ask for the current payoff amount)
Amount of your monthly mortgage payment (Principal & Interest Only):
Mortgage's current interest rate:
Interest rate you will be refinancing at:
Number of years you will be refinancing for:
Enter the closing costs :
(Typically, # of points is "2" or dollar amount is .02 times the principal)
Will you 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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