Mortgage Refinance 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 :                                                    
Enter                  the amount of your monthly mortgage payment:                                                    
Enter                  the 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 that will be required for refinancing:                                                    
                 


                                                     
                 
                            

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:                                                    
This                  is how much interest you will save if you refinance:                                                    
Net                  Refinancing Savings (interest savings less closing costs):