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Mortgage
Refinance Calculator
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| This calculator
will help you to decide whether or not it would be advantageous
for you to refinance either a single mortgage, or the consolidation
of a first and second mortgage, into a single mortgage. Not only
will this calculator calculate the monthly payment and net interest
savings (if applicable), but it will also calculate how many months
it will take to break even on the closing costs (if applicable).
Note: Be sure to only
include the principal and interest portion of your monthly mortgage
payment, i.e., do not include any escrow portions (property
taxes, insurance, etc.).
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| First
Mortgage |
Enter
the principal balance of your first mortgage:
(call your mortgage lender and ask for the current payoff amount) |
|
Enter
the amount of your monthly mortgage payment:
(principal and interest portion only) |
|
| Enter
your first mortgage's current interest rate: |
|
| Second
Mortgage (Optional) |
Enter
the principal balance of your second mortgage:
(call your mortgage lender and ask for the current payoff amount) |
|
Enter
the amount of your monthly mortgage payment:
(principal and interest portion only) |
|
| Enter
your second mortgage's current interest rate: |
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| Refinancing |
| Enter
interest rate you will be refinancing at: |
|
| Enter
the 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) |
|
| Would
you like to finance the closing costs? |
|
|
|
| This is
how much your monthly payment will be if you refinance: |
|
| Monthly
payment (decrease)/increase: |
|
| Number
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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