Mortgage Refinancing

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.

Your Current Mortgage	Terms
Mortgage principal balance:
Monthly principal & interest payment:
Interest rate on current mortgage:
Mortgage Refinancing	Loan Terms
Refinance term (years):
Refinancing interest rate (APR %):
Closing costs :
Finance the closing costs?

Monthly Payments & Breakeven Point	Amount
Monthly P&I payment if you refinance:
Monthly payment reduction:
Months required for interest savings to offset closing costs:
Total Interest Payments	Amount
Interest you will pay under your current monthly payment plan:
Interest you will pay under your refinanced monthly payment plan:
Interest you will save if you refinance:
Net refinancing savings (interest savings less closing costs):

Mortgage Refinancing

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