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Mortgage Refinance Calculator

Enter below the numbers from your current and proposed mortgage.
Do not enter $ signs or "," in the numbers. Example: Enter 100000 not $100,000.
Just click in the boxes and change the example numbers to your numbers.

Balance of current mortgage (look at your latest statement or ask your mortgage lender for the current payoff ):
Current monthly payment:
Current  interest rate:
Interest rate of proposed new mortgage:
Number of years of proposed new mortgage:
Closing costs of proposed new mortgage:
New monthly payment if you refinance:
Monthly Savings:
Total interest you will pay under your current mortgage:
Total interest you will pay under your proposed new  mortgage:
Total interest savings if you refinance and keep the new mortgage to term:
Net Refinancing Savings (interest savings minus closing costs):

NOTE: You can end up paying MORE in interest if you refinance a mortgage that is almost paid off over a new longer term, even if your payments per month are much lower. 

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