Refinance Calculator, RealEstateBuySellExchange.com

Refinance Calculator

Is Refinance Good or Bad for You?

RealEstateBuySellExchange.com provides this calculator to help you to decide whether or not refinancing your current mortgage at a lower interest rate is a good or bad idea. Not only will this calculator calculate the monthly payment and net interest savings, it will also calculate how many months it will take to break even on the closing costs

Note: When entering numbers into the data fields only use numbers and applicable decimal points. Entering commas, dollar signs, or any other non-numeric characters will cause an error. Also please note that this calculator has been tested to work with Internet Explorer 3.01 and Netscape Navigator 3.01 web browsers. However, both must have the JavaScript option turned on.

Enter the principal balance of your mortgage:
(call your mortgage lender and ask for the current payoff amount)

Enter the amount of your monthly mortgage payment:

Enter your mortgage's current interest rate:

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 Reduction:

# 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):