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Enter the principal balance of your mortgage:
(call your mortgage lender and ask for the current payoff amount) |
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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:
(If you're not sure, multiply your current balance owed by .02 ) |
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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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