Mortgage Refinance Calculator

Find out if refinancing to a lower interest rate makes sense for you. Not only will this web calculator show you the new monthly payment and net interest savings, but it will also show you how many months it will take to offset the closing costs you will pay.

Mortgage Refinance Calculator

Find out if refinancing to a lower interest rate makes sense for you.

Enter the principal balance of your mortgage: Enter the amount of your monthly mortgage payment: Enter your mortgage's current interest rate (decimal): Enter interest rate you will be refinancing at (decimal): Enter the number of years you will be refinancing for: Enter the closing costs required for refinancing:

If you refinance your current 100.0% mortgage to a 2.0% mortgage, your monthly payment will drop by $856.78 and you will save $1585 in interest charges over the life of the mortgage. However, in order for this refinancing to yield any savings at all you will need to stay in your current home for at least 8 months. That’s how long it will take for your monthly payment savings to offset the closing costs attributable to refinancing.

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