Should you Refinance?

Mortgage Refinance Calculator
Should you refinance? Your decision depends on the interest rate of your existing mortgage, the amount of closing costs you expect to pay for the refinance, of course the new interest rate, and most importantly, how long you plan to hold the new mortgage! This free mortgage refinance calculator will take into account these variables and help you make an informed decision, even determining how long it will take to repay your 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 the your mortgage's current interest rate:
Enter interest rate you will be refinancing at:
Enter term of the new mortgage, in years:
Enter the closing costs that will be required for refinancing:

Expected monthly payment after refinance:
Monthly Savings after refinance:
Number of months to break even on closing costs:
Amount of interest you would have paid holding the old loan to term:
Amount of interest you will pay holding the new loan to term::
Projected savings from refinance:
Net Refinancing Savings (interest savings less closing costs):

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