Should
I refinance my current mortgage?
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| This calculator will help
you decide whether or not you should
refinance your current mortgage at a
lower interest rate. It will also show
you how many months it will take to
break even on your closing costs.
Place your cursor in the fields and
fill in the requested information to
the best of your knowledge. Use the
tab key on your keyboard to move through
the form. Once the required fields are
completed, the form will automatically
populate with the information you have
requested.
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$
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What is the balance,
or payoff amount, on your current mortgage? |
$ |
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What is your current monthly
mortgage payment? |
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% |
What is the interest rate
of your current mortgage? |
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% |
What is the interest rate
of the new mortgage if you refinance? |
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How many years will you refinance
the mortgage for? |
$ |
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What are your refinance closing
costs? |
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This would be your new
monthly payment if you refinance. |
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If you refinance at a
lower rate, this is the amount of money
you will save per month. |
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It will take you this
many months to break even on closing costs
if you refinance. |
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This is the total interest
you will pay under your current payment
plan. |
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This is the total interest
you will pay under your refinanced monthly
payment plan. |
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This is the amount you will save
in interest if you refinance at the lower
rate. |
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This is your net refinance savings.
(interest savings minus closing costs). |
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Note: This calculator
is provided to give you a general idea.
We cannot guarantee the accuracy or the
applicability to your situation. Please
consult a qualified professional. If you
use a 0% interest value, the calculator
will automatically use a default value
of .001. Please be aware that the values
may vary slightly. |
