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Mortgage Refinance Calculator

Should I refinance my mortgage loan?

This 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.

Current Mortgage Principal Balance:
Current Monthly Payment:
Current Interest Rate:
New Interest Rate:
Number of Years Refinancing For:
Closing Costs:
(Typically ranges between 1.5% and 2.5% of the total principal of the loan)
Would you like to finance the closing costs?
Monthly Payment After Refinancing:
Monthly Payment Reduction:
How much interest you will pay under your current monthly payment plan:
How much interest you will pay under your refinanced monthly payment plan:
How much total interest you will save if you refinance:
Net Refinancing Savings (interest savings less closing costs):
Number of months for interest savings to offset closing costs:

*Calculator provides general estimations only. Inconsistencies may occur with the use of the calculator and the outcomes are not credit guarantees. For specific payment and interest information, please contact us. Calculation does not include the Property Tax or Home Owner's Insurance. Calculations on closing costs may vary due to the uniqueness of each loan.