Our mortgage refinance calculator helps you decide if it makes sense to refinance based on how long it takes you to recoup your refinance closing costs.
To complete the “Your Current Mortgage” section of the calculator, look for your original loan amount, loan start date, loan term and interest rate on the promissory note you signed with your closing papers.
To complete the “Your New Mortgage” section, input the term and rate you plan to refinance to, as well as an estimated percentage for lender and title fees. Finally, input how many years you plan to stay in your home.
The mortgage refinance calculator will display both a monthly and lifetime cost analysis based on your current and potential new mortgage. The monthly analysis indicates how much you will potentially save or spend on your new monthly mortgage payment. The lifetime analysis indicates how much money you will save in interest over the life of the new loan.