Mortgages  |  Mortgage News  |  Mortgages Calculators  |  Apply Online

Should I refinance?

Add this calculator to your site

Description
Based on your current and calculated mortgage payments, this calculator figures your monthly savings. It also compares your principal balance in years with and without refinancing. Based on your total cost to refinance, a break even period is calculated in relation to your monthly savings. The time value of money and income tax deductions are not considered in this refinance calculation.
Should I refinance?
Current Mortgage Information
Current balance ($)  Glossary of Terms
Current Rate (%)  Glossary of Terms
Months Paid  Glossary of Terms
Current payment ($)  Glossary of Terms

Additional information
Years Before Sell  Glossary of Terms
Refinance Information
Loan amount ($)  Glossary of Terms
Interest Rate (%)  Glossary of Terms
Loan Length (Yrs)  Glossary of Terms
Loan Points  Glossary of Terms
Loan Cost ($)  Glossary of Terms


Result
Payment Analysis Financial Analysis
Current Payment : $733.00 Bal at Sale : $94t009.50
Refinance Payment : $647.21 Refi Bal at Sale : $91t571.21
Monthly Savings : $85.79 Closing cost and points : $1t916.00
Total Monthly Savings: $5t147.62 Downpayment: $0.00
Total closing cost: $1t916.00
Break even: 1 Years 11 Months
Balance Losses: $2t438.28
Total benefit (monthly savings + balance losses - total closing cost): $5t669.91

Glossary of Terms
Current balance: The loan amount outstanding left on your mortgage. Return to Top
Current Rate: The interest rate paid on your current mortgage. Return to Top
Months Paid: The number of monthly payments made against your mortgage. Return to Top
Current payment: The current monthly payment on your mortgage. Return to Top
Years Before Sell: The number of years you intend to stay at your current residential property. Return to Top
Loan amount: The amount that is to be refinanced with new mortgage. Return to Top
Interest Rate: The interest rate paid on your new mortgage. Return to Top
Loan Length: The number of years required to pay off the principal and interest of the new mortgage. Return to Top
Loan Points: A fee imposed by a lender to cover certain processing expenses in connection with making a real estate loan. Usually a percentage of the amount loaned, such as one percent (e.g. If the charges are 1 point on a $100,000 loan, the fee would be $1,000). Return to Top
Loan Cost: Costs incurred in getting out of your current mortgage and fees from processing new mortgage loan. Return to Top

Disclaimer: We cannot guarantee the accuracy of this calculator. You should check with your finance provider before entering into any contracts.