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Refinance Calculator
Whenever interest rates drop, the appeal of refinancing your mortgage grows. But it's important to know the real costs -- and potential savings -- before making a move.
The meaning for this calculator is to find the real cost of your refinancing process.

 
Instructions. Just fill in the non-colored boxes with the requested information. As you tab or mouse-click through the boxes, your results will appear automatically in the colored boxes. You can change any of your entries, in case you want to try several different scenarios, but you must tab or mouse-click to another box to update your results.

First Step: Tell us info about your existing morgage
Information on your CURRENT mortgage
What was the month in which this mortgage originated?      
What was the year in which this mortgage originated?    
What was the original amount of this mortgage?  $
What is the term of this mortgage?      Year
What is the interest rate?     %
   
Information on your NEW mortgage
What is the mortgage amount?  $
What is the term of this mortgage?      Year
What is the interest rate?     %
What are your estimated closing costs, including any points paid upfront?  $
The Results !
Your current monthly payment is:  $
Your new monthly payment will be:  $
If you refinance now, your monthly payments will be reduced by:  $
It will take this long to "break even," or recover closing costs on the new mortgage:    

 
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