Mortgage Debt Consolidation

This calculator will help you to decide whether or not it would be advantageous for you to refinance either a single mortgage, or the consolidation of a first and second mortgage, into a single mortgage. Not only will this calculator calculate the monthly payment and net interest savings (if applicable), but it will also calculate how many months it will take to break even on the closing costs (if applicable).

Note: Be sure to only include the principal and interest portion of your monthly mortgage payment, i.e., do not include any escrow portions (property taxes, insurance, etc.).

First Mortgage	Amount
Current balance on first mortgage:
Monthly principal & interest payment:
First mortgage interest rate (APR %):
Second Mortgage	Amount
Current balance on second mortgage:
Monthly principal & interest payment:
Second mortgage interest rate (APR %):
Refinancing	Amount
Refinance interest (APR %):
Years to refinance for:
Closing costs :
Would you like to finance the closing costs?

Refinance Payment & Breakeven	Amount
This is how much your monthly payment will be if you refinance:
Monthly payment (decrease)/increase:
Months for interest savings to offset closing costs:
Your Interest Savings	Amount
Interest you will pay under your current loan:
Interest you will pay under if you refinance today:
Interest you will save if you refinance:
Net Refinancing Savings (interest savings less closing costs):