Mortgage Refinance Calculator

Current Payment P&I
Refinance Amount
New Interest Rate %
Length of New Loan
Points
Other Closing Costs

New Monthly Payment $899.33
Monthly Savings $100.67
Total Closing Costs $6,750.00
Time to Break Even 5 Yrs 8 Mths

Total Loan Amount $150,000.00
Total Interest $173,754.89
Total Paid $323,754.89
Points Amount $2,250.00
Number of Payments 360
Annual Cost $10,791.96


All calculators are made available as self-help tools for your independent use with results based on information provided by the user. All examples are hypothetical and are for illustrative purposes only. Calculated results are believed to be accurate but results are not guaranteed. Mortgage calculator results are based upon conventional program guidelines. Other loan programs are available. Further review by a professional is necessary to obtain exact and complete information and available options for your personal circumstances.
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A title for these calculator results that will help you identify it if you have printed out several versions of the calculator.
The name of your potential lender. This field is not required but may help if you have printed out several loan scenarios.
The amount of principal + interest you currently pay as part of your monthly mortgage payment. Do not include insurance and taxes or other escrow amounts.
The amount you plan to refinance. This amount could be the balance of your current mortgage loan or less if you plan to pay some extra at closing to get the balance down. It could even be more than your current balance if you plan to take some extra money out of your equity.
The annual percentage rate you will pay for this loan.
How long you will pay on this loan. Also choose whether 'Length of Loan' is years or months.
The number of points (or percentage of the loan amount) you'll be paying to close this loan. Check 'Roll into Loan' if the cost of the loan points is being financed and included in the 'Loan Amount'.
Any other costs you'll be paying during the closing of your loan. These might be costs like the appraisal, property taxes, property insurance, title insurance, realtor fees, etc. Check 'Roll into Loan' if your closing costs (not to include loan points) is being financed and included in the 'Loan Amount'.
'Principal' + 'Interest' + 'Additional Principal' (where applicable) to be paid each month. Actual payment could include escrow for insurance and property taxes plus private mortgage insurance (PMI).
'Current Payment' - 'New Monthly Payment' shows how much money you will save each month on your mortgage payment. If this number is negative this may not be a good refinance option for you or it may be that you are refinancing for a shorter 'Length of Loan' than you currently have and it still benefits you.
'Points' dollar amount + 'Other Closing Costs' helps determine how many months it will take you to break even or actually start saving money by refinancing.
The number of months at which your 'Monthly Savings' adds up to cover 'Total Closing Costs'. At this point your refinance starts to save you money. You should not refinance unless you plan to stay in your home or keep this property longer than this many months. If your monthly payment is going up ('Monthly Savings' is negative), 'Months to Break Even' will say 'N/A'. This may happen if you are refinancing for a shorter 'Length of Loan' than your current mortgage.
'Refinance Amount' + 'Points' (if rolled into loan) + 'Other Closing Costs' (if rolled into loan).
The number of payments you will make to pay off the loan.
The points percentage applied to the amount you borrow gives the dollar amount the loan points will cost.
Total amount of interest you will pay over 'Length of Loan'.
Total amount of principal + interest you will pay over 'Length of Loan'.
The amount of money you will pay each year for this loan.
When checked, a section will appear below the calculator showing the complete amortization table.
LoanAmount * (Rate / 12) / (1 - (1 + (Rate / 12))-Months)
$899.33 = $150,000.00 * (0.0600 / 12) / (1 - (1 + (0.0600 / 12))-360)
Current Payment P&I - New Monthly Payment
$100.67 = $1,000.00 - $899.33
Loan Amount * (Points / 100) + Other Closing Costs
$6,750.00 = $150,000.00 * (1.5000 / 100) + $4,500.00
Total Closing Costs / Monthly Savings
5 Yrs 8 Mths = $6,750.00 / $100.67
Refinance Amount + Points Amount (if rolled into loan) + Other Closing Costs (if rolled into loan)
$150,000.00 = $150,000.00 + $0.00 + $0.00
Total Paid / Payment Amount [rounded up to a full payment]
360 = $323,754.89 / $899.33
Total Loan Amount * (Points / 100)
$2,250.00 = $150,000.00 * (1.5000 / 100)
$173,754.89 = Previous Month's Total Interest + (Month's Beginning Balance * (Rate / 12)) each month until Balance = 0
Loan Amount + Total Interest
$323,754.89 = $150,000.00 + $173,754.89
Monthly Payment * 12
$10,791.96 = $899.33 * 12