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This calculator will help you to decide whether or not it would
be advantageous for you to refinance either a single mortgage,
or the consolidation of a first and second mortgage, into a
single mortgage. Not only will this calculator calculate the
monthly payment and net interest savings (if applicable).
Note: Be sure to only include the principal and interest
portion of your monthly mortgage payment, i.e., do not
include any escrow portions (property taxes, insurance,
etc.).
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First
Mortgage
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Enter the principal balance of your first mortgage ($):
(call your mortgage lender and ask for the current payoff
amount)
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Enter the amount of your monthly mortgage payment ($):
(principal and interest portion only)
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Enter your first mortgage's current interest rate (%):
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Second Mortgage
(Optional)
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Enter the principal balance of your second mortgage ($):
(call your mortgage lender and ask for the current payoff
amount)
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Enter the amount of your monthly mortgage payment ($):
(principal and interest portion only)
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Enter your second mortgage's current interest rate (%):
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Refinancing
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Enter interest rate you will be refinancing at (%):
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Enter the number of years you will be refinancing for (#):
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Enter the closing costs :
(Typically, # of points is "2" or dollar amount is .02
times the principal)
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Would you like to finance the closing costs?
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This is how much your monthly payment will be if you refinance:
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Monthly payment (decrease)/increase:
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Number of months for interest savings to offset closing costs:
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This is how much interest you will pay under your current
monthly payment plan:
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This is how much interest you will pay under your refinanced
monthly payment plan:
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This is how much interest you will save if you refinance:
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Net Refinancing Savings (interest savings less closing costs):
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