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There are many reasons you might consider refinancing your mortgage, including
lowering your monthly payment, getting rid of your private mortgage insurance,
or to take cash out of the equity of your home. The calculator below will show
how much you can lower your monthly payment by refinancing.
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Mortgage Refinancing Calculator
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Enter the principal balance of your mortgage:
(call your mortgage lender and ask for the current payoff amount)
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Enter the amount of your monthly mortgage payment (Principal & Interest Only):
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Enter your mortgage's current interest rate:
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Enter interest rate you will be refinancing at:
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Enter the number of years you will be refinancing for:
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Enter the closing costs :
(Typically, # of points is "2" or dollar amount is .02 times the principal)
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Would you like to finance the closing costs?
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This is how much your monthly payment will be if you refinance:
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Monthly Payment Reduction:
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# of months for interest savings to offset closing costs:
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This is how much interest you will pay under your current monthly payment plan:
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This is how much interest you will pay under your refinanced monthly payment plan:
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This is how much interest you will save if you refinance:
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Net Refinancing Savings (interest savings less closing costs):
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