Enter the principal balance of your mortgage
:
(call your mortgage lender and ask for the current payoff amount)
Enter the amount of your monthly mortgage payment:
Enter your mortgage's current interest rate:
Enter interest rate you will be refinancing:
Enter the number of years you will be refinancing:
Enter the closing costs that will be required for refinancing:
(If you're not sure, multiply your current balance owed by .03)
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):
Calculator Response Description