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Mortgage Refinancing Calculator |
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Find out if refinanced mortgage payments will be lower than your current payments.
Don't refinance until you compare your new loan to your old mortgage. Enter the information below to find out if refinancing will save you money.
Please be aware that actual payments may vary considerably from this estimate based on your actual mortgage product, interest rate, and term. This calculator is meant for estimation purposes only.
Instructions:
- Enter the amount of the remaining principal on your mortgage.
- Enter your current monthly mortgage payment (principal and interest only).
- Enter your current mortgage's interest rate.
- Enter the interest rate you plan to refinance at. If you don't know what interest rate to enter, you can get a rate quote, or use the current average rates on the right.
- Enter the number of years you plan to repay the loan over, also called the "loan term".
- Enter the closing costs that will be required for refinancing.
- Click compute. Your new refinanced monthly mortgage payment, monthly savings, and the number of months it will take to break even if you refinance will be displayed. In addition, your current and refinanced interest, interest savings, and net refinancing savings will automatically be displayed.
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