Mortgage Refinance Calculator

Should I refinance my mortgage loan?

This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs.

Principal Balance:
Monthly Payment :
Interest Rate:
Interest Rate You Will Be Refinancing:
Number of Years Refinancing For:
Closing Costs:
(Typically, # of points is "2" or dollar amount is .02 times the principal)
Would you like to finance the closing costs?
Monthly payment If You Refinance:
Monthly Payment Reduction:
Number of months for interest savings to offset closing costs:
How much interest you will pay under your current monthly payment plan:
How much interest you will pay under your refinanced monthly payment plan:
How much interest you will save if you refinance:
Net Refinancing Savings (interest savings less closing costs):

* These Calculators are provided as a member convience. Please use the following as a guide when using the calculators.

  • Results are hypothetical and may not be applicable to your individual situation
  • Calculators are a guide only and have no legal effect
  • Results do not constitute an offer for credit
  • Calculators do not consider the impact of fees that may apply
  • Seeking the advice of an investor is recommended
  • Actual terms provided may differ