This JavaScript
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. |
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:
(principal and interest
portion only) |
|
| Enter your
mortgage's current interest rate: |
|
| Enter interest
rate you will be refinancing at: |
|
| Enter the number
of years you will be refinancing for: |
|
| Enter the closing
costs that will be required for
refinancing: |
|
|
|
| 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): |
|
|
|