This mortgage calculator enables you compute how much you can save of the total interest and monthly payments when you refinance your existing mortgage loan at a lower interest rate. It will also help you calculate the break-even period-a point at which your revenues equal costs.
Would you prefer financing the Closing Costs?
Your Monthly Payment will be if you Refinance
Monthly Payment Reduction
No. of Months for Interest Savings to Offset Closing Costs
Interest Pay under your Current Monthly Payment Plan
Interest Pay under your Refinanced Monthly Payment Plan
Total Interest you will Save if you Refinance
Net Refinancing Savings (Interest savings less closing costs)