Mortgage Refinancing Calculator
This calculator will help you
to decide whether or not you should refinance your current mortgage
at a lower
interest rate. Not only will this calculator calculate the monthly
payment and net interest savings, but it will also
calculate how many months it will take to break even on the closing
costs.
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Enter the principal balance of your
mortgage: |
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Enter the amount of your monthly mortgage payment: |
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Enter the your mortgage's current interest rate: |
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Enter interest rate you will be refinancing at: |
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Enter the number of years you will be refinancing
for: |
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Enter the closing costs that will be required for
refinancing: |
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This is how much your monthly payment will be if
you refinance: |
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Monthly Savings: |
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Number of months to break even on closing costs: |
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This is how much interest you will pay under your
current monthly payment plan: |
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This is how much interest you will pay under your
refinanced monthly payment plan: |
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This is how much interest you will save if you
refinance: |
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Net Refinancing Savings (interest savings less
closing costs): |
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