Refinance Calculator Mortgage






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Mortgage Refinance Calculator

This mortgage refinance calculator will help give you an idea if it is worth refinancing your mortgage. Input details about your current mortgage including your interest rate, your principle balance and your monthly payments. Then input the details of your new refinancing loan as well as any closing fees of your mortgage. Click compute to see details such as your new monthly payment, your total interest savings associated with switching loans, your net refinancing savings and how long it will take until your interest payments offset the cost of closing your mortgage.

Refinance Calculator Inputs:


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 & Interest Only):
Enter 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 :
(Typically, # of points is "2" or dollar amount is .02 times the principal)
Would you like to finance the closing costs with your loan?



Results:


This is how much your monthly payment will be if you refinance:
Monthly Payment Reduction:
# of months for interest savings to offset 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):

Summary:


Total Principle Remaining Vs. Month With and Without Refinancing



Note: You can drag the graph or use the mouse wheel to zoom in and out.

Cumulative Interest Payments and Non-Financed Closing Costs Vs. Month



Note: You can drag the graph or use the mouse wheel to zoom in and out.






Refinance Calculator - Mortgage - Help/Information

When assessing if you should refinance your mortgage, you will need to consider both the difference in monthly costs associated with the refinancing, the total long term cost of refinancing as well as the different terms of the two loans. This mortgage refinance calculator will help give an indication of the feasibility of refinancing your loan. The refinance calculator takes a number of pieces of information about your current mortgage and the loan you would use to refinance with and will return information that can help determine if the refinancing is a viable option.

The inputs to the calculator are as follows:

For your current mortgage:
  1. Your current mortgages principle balance: This is the balance of your current mortgage at the point of refinancing.
  2. Your current amount of principle and interest monthly mortgage repayments.
  3. Your current mortgage's interest rate.
For the new refinancing mortgage, you should input the refinancing interest rate and the number of years for the refinancing loan.

As mortgages often have closing costs, this needs to be accounted for in the comparison. You can input your mortgages closing costs in terms of percentage points (that is closing costs in terms of a percentage of the principle) or simply a fixed cost. You chould also indicate if you wish to finance the closing costs.

Once you compute the results, the calculator will return:

  1. How much your new monthly payment will be after refinancing, allowing you to compare the monthly cost to your current mortgage.
  2. The total reduction in your monthly payment as a result of refinancing.
  3. How many months will it take for the savings in interest costs to offset the cost of closing your current mortgage.
  4. The total interest you will pay under both the current mortgage and the refinancing option.
  5. The total saving in interest associated with refinancing and the net refinancing saving including both interest savings and refinance costs.

Keep in mind that specific loans may have certain fees, costs or interest calculation methods associated with them. Additionally, different countries may have different tax implications as well as a range of other situation specific factors. This is a more general calculator. The calculator should help give an initial idea of the feasibility of refinancing your mortgage however you should always have a profesional perform a more detailed calculation of the exact costs associated with a specific mortgage and refinancing option.

Disclaimer/Terms of Use: This calculator is provided for use free of charge. The provider of this calculator does not guarantee the accuracy of the calculator give any express or implied warranty as to its accuracy and we do not accept any liability for errors or omissions. The provider of the calculator is not liable for any damages (including, without limitation, damages for loss of business or loss of profits) arising in contract, tort or otherwise from the use of or inability to use the above calculator, or from any action or decision taken as a result of using this website or any such material. Reading, understanding and agreeing to this disclaimer is a condition of use of the calculator. Always seek professional advice before making any financial decisions.