This mortgage refinancing 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.

Note: When entering numbers into the data fields only use numbers and applicable decimal points. Entering commas, dollar signs, or any other non-numeric characters will cause an error. Also please note that this calculator has been tested to work with Internet Explorer 3.01 and Netscape Navigator 3.01 web browsers. However, both must have the JavaScript option turned on.

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: Next, enter your mortgage’s current interest rate:

Next, enter interest rate at which you will refinance:

Enter the number of years you will refinance:

Enter the closing costs that will be required for refinancing:
(If you are not sure, multiply your current remaining balance by .03 )


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:

Total interest you will save if you refinance:

Net Refinancing Savings (interest savings less closing costs):

The accuracy of this calculator depends on your input and its applicability to your circumstances is not guaranteed. Discuss your results with a qualified professional before making any purchases or loan commitments.