Home Mortgage Refinancing Calculator

  • 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 & Interest Only):
    Enter your mortgage's current interest rate:
    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 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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