Mortgage Refinance Calculator

This mortgage refinance calculator will help you navigate the mortgage refinance propaganda by discovering if a mortgage refinance will help or hurt you. My model is, "homes are for living, not for loaning". The reason, many people who take mortgage refinance loans against their homes later loose them. This is due to the complexities of second mortgages, and in some cases, tricks mortgage companies pull with second mortgages. There are rare cases a second mortgage is a good idea, such as the new federal government program for homes "under water" so to speak, from the bad home loans of the past decade, designed to save your home. Your interest rate and payment will be stabilized in the new programs. There are also rare cases of people with high income, high equity, and no money in the bank for a severe medical emergency, who may consider a mortgage refinance loan. ~Lois

Mortgage Refinancing Calculator
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.
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?

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):