Mortgage Refinance

Mortgage Refinance Calculator

Wondering if you can save money by refinancing your mortgage? Use this calculator to get an approximate idea of whether refinancing might make sense for you. This approach may make sense if you are in a fixed rate mortgage and mortgage rates have dropped since you signed your mortgage. Enter the specifics about your current mortgage, along with new loan amortization, rate and closing costs. We will then determine how much interest refinancing can save you. Keep in mind, there are usually pre-payment penalties to consider when breaking the term of your mortgage, but contact me for more detail. 

Mortgage Amount: Current Mortgage Balance: $98,663.79
Interest Rate: New Mortgage Balance: $98,663.79
Mortgage Amortization: Interest on Mortgage: $121,143.80
Payment Type: Interest on New Mortgage: $77,721.34
Payments Made:
New Interest Rate: Interest Savings: $43,422.46
New Mortgage Amortization: Monthly Savings: $175.26
New Payment Type:
Prepayment Penalties:
Closing Costs:
The refinancing breaks even in 11 months.