Mortgage Refinancing Calculator

Using a mortgage refinancing calculator is a smart move if you want to lower your monthly payment and overall interest charges.

There are actually several reasons why people want to refinancing a mortgage.

With mortgage refinancing you are able to change the term of the loan to a shorter one so you can pay off the loan earlier and save more on interest.

On the other hand as mentioned earlier, with mortgage refinancing you may need to extend the term in order to reduce the monthly carrying costs.

That is why using a mortgage refinancing calculator is important. This online calculator will help consumers determine the amount of savings they can make on their chosen loan type and terms. It will also help in finding out how much your monthly payment will be when you refinance your mortgage-loan.

This calculator will help you to decide whether or not it would be advantageous for you to refinance either a single mortgage, or the consolidation of a first and second mortgage, into one single mortgage. Not only will this calculator calculate the monthly payment and net interest savings (if applicable), but it will also calculate how many months it will take to break even on the closing costs (if applicable).

Mortgage Refinancing Calculator

Mortgage Consolidation & Refinancing Calculator V1.2
Note: Be sure to only include the principal and interest portion of your monthly mortgage payment, i.e., do not include any escrow portions (property taxes, insurance, etc.).
First Mortgage
Enter the principal balance of your first 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 your first mortgage's current interest rate:
Second Mortgage (Optional)
Enter the principal balance of your second 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 your second mortgage's current interest rate:
Refinancing
Enter interest rate you will be refinancing at:
Enter the number of years you will be refinancing for:
Enter the closing costs : (Typically, # of points is "2" or dollar amount is .02 times the principal)
Would you like to finance the closing costs?

This is how much your monthly payment will be if you refinance:
Monthly payment (decrease)/increase:
Number of months for interest savings to offset 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):

When you have completed using the mortgage refinancing calculator, check the other online calculators here.

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