Mortgage Refinancing Calculator

This Mortgage Refinance Calculator will help you to decide whether you should refinance your current mortgage at a lower interest rate.

It will calculate your new monthly payments and the amount you will save each month. It will also compare the amount of total interest you will pay under your existing mortgage and compare it to the amount of interest in total that you will pay if you refinance. And it will show you the total amount you will save by refinancing.

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 and interest portion only)
Enter the 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 that will be required for refinancing:

This is how much your monthly payment will be if you refinance:
Monthly Savings:
Number of months to break even on 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):