Mortgage Refinancing Calculator
This JavaScript calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the 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 the number of years you will be refinancing for:
Enter the closing costs that will be required for refinancing:
This is how much your monthly payment will be if you refinance:
Monthly Savings:
Number of months to break even on closing costs:
This is how much interest you will pay under your current monthly payment plan:
This is how much interest you will pay under your refinanced monthly payment plan:
This is how much interest you will save if you refinance:
Net Refinancing Savings (interest savings less closing costs):
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The user understands calculations derived from this website or any links to financial calculators on other websites should not be construed as investment advice, nor should these
projections substitute for advice from an investment professional. All information herein has been prepared solely for informational purposes, and it is not an offer to buy or sell, or a
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takes no responsibility. All such information is provided solely for convenience purposes only. The Money Alert is not affiliated with any of the firms or entities listed unless specifically
stated. The Money Alert does not provide investment, tax or legal advice. Please consult the appropriate professional regarding your personal situation.
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