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Refinance Calculator

This useful calculator helps you determine if it's a good time to refinance your home.

You can see how your existing mortgage payments might change if you were to refinance and determine how long it would take to recover closing costs associated with refinancing.
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Fill in the non-colored boxes with the requested information. Calculated results will automatically appear in the colored boxes. You can change entries to try several different scenarios. Simply tab or mouse-click to another box to update your results.
CURRENT MORTGAGE INFORMATION

What was the month in which this mortgage originated?

What was the year in which this mortgage originated?

What was the original amount of this mortgage?

What is the term of this mortgage?

 years

What is the interest rate?
NEW MORTGAGE INFORMATION

What is the mortgage amount? (The value at right is the calculated amount you currently owe)

What is the term of this mortgage?

 years

What is the interest rate?

What are your estimated closing costs, including any points paid upfront?
THE RESULTS

Your current monthly payment is

Your new monthly payment will be

If you refinance now, your monthly payments will be reduced by

It will take this long to "break even," or recover closing costs on the new mortgage
Mortgage analysis CURRENT LOAN NEW LOAN

Number of payments made so far

Number of remaining payments at refinance date

Total interest paid as of refinance date

Total unpaid interest at refinance date

The accuracy of this calculator and its applicability to your circumstances is not guaranteed. You should obtain personal advice from qualified professionals.