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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 at: Yrs
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 mortgage:
This is how much interest you will pay under your new refinanced mortgage:
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.
 

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