Mortage Refinance Calculator

Mortgage Refinance Calculator


Mortgage Refinance Calculator

Refinance calculator will figure whether it’s worth chasing a lower interest rate and refinancing your mortgage.

Instructions: Enter the numbers below from your present and proposed loan/mortgage. Do not enter Rs/Re signs or “,” in the numbers and % in the rates. Example: Enter 100000 not Rs. 100,000 and just enter 8 not 8%. Just click in the boxes and change the example numbers to your numbers.

Mortgage Refinance Calculator
Enter the balance of your current mortgage (ask your mortgage lender for the current payoff
or look at your latest statement):
Enter your current monthly mortgage payment:
Enter your current mortgage’s interest rate:%
Enter the interest rate you can refinance at:%
Enter the number of years you can refinance
Enter the closing costs that you will be
paying to refinance:


This is your new monthly payment if you refinance:
Monthly Savings:
This is how much interest you will pay under your current
This is how much interest you will pay under your new refinanced
You will save this much interest if you refinance
and keep the new mortgage
to term:
Net Refinancing Savings (interest savings
minus closing costs
NOTE: You can end up paying MORE in interest if you refinance a loan or mortgage that is almost paid off over a new longer term, even if your payments per month are much lower.