Mortgage Refinance Calculator

Refinancing your mortgage can be a good financial decision in many instances. If you can refinance at a better rate, it can save you lots of money over the long term. Of course, if you want to make the best financial decision for yourself and your family, it’s valuable to have all of the numbers at your fingertips. Our Mortgage Refinance Calculator is designed to do just that — and to help you decide whether or not you should refinance your mortgage.

Should You Refinance Your Mortgage Loan?

Try our refinance mortgage payment calculator to get an estimate on your new monthly payment, net interest savings, how many months it will take to break even on the closing costs, and more.

Enter the principal balance of your mortgage: (call your mortgage lender and ask for the current payoff amount)
Monthly mortgage payment (Principal & Interest Only):
Current interest rate:
Interest rate you will be refinancing at:
Number of years you will be refinancing for:
Closing Costs: (Typically, # of points is "2" or dollar amount is .02 times the principal)
Points:
Would you like to finance the closing costs?

Monthly payment if you refinance:
Monthly Payment Reduction:
Number of months for interest savings to offset closing costs:
How much interest you will pay under your current monthly payment plan:
How much interest you will pay under your refinanced monthly payment plan:
How much interest you will save if you refinance:
Net Refinancing Savings (interest savings less closing costs):

*Mortgage Refinance Calculator provides general estimations only. Inconsistencies may occur with the use of the calculator and the outcomes are not credit guarantees. For specific payment and interest information, please contact us.

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