Enter the balance of your current mortgage (ask your mortgage lender for the current payoff
or look at your latest statement):
Enter your current monthly mortgage payment :
Enter your current mortgage's interest rate :
Enter the interest rate you can refinance at:
Enter the number of years you can refinance
at:
Enter the closing costs that you will be
paying to refinance:
This is your new monthly payment if you refinance:
Monthly Savings :
This is how much interest you will pay under your current
mortgage :
This is how much interest you will pay under your new refinanced
mortgage :
You will save this much interest if you refinance
and keep the new mortgage to term:
Net Refinancing Savings (interest savings
minus closing costs ):
NOTE: You can end up paying MORE in interest if you refinance a loan or
mortgage that is almost paid off over a new longer term, even if your
payments per month are much lower.
