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Should I Refinance 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.

Keep in mind you can save extra money by including other debt, like credit card debt.  You can usually take cash out up to 85% of the value of your home on a low rate first mortgage.  Click here for the debt consolidation mortgage calculator.

Note: When entering numbers into the data fields only use numbers and applicable decimal points. Entering commas, dollar signs, or any other non-numeric characters will cause an error.

Enter Information
Enter the principal balance of your mortgage:
(call your mortgage lender and ask for the current payoff amount)
Enter the amount of your monthly principal and interest mortgage payment:
Enter your mortgage's current interest rate:
Enter interest rate you will be refinancing at:
Enter the number of years you will be
refinancing for:
Enter the closing costs :
(Typically, # of points is "2" or dollar amount is .02 times the principal)
Would you like to finance the closing costs?


This is how much your monthly payment
will be if you refinance:
Monthly Payment Reduction:
# of months for interest savings to
offset closing costs:
This is how much interest you will pay under your current monthly payment plan:
This is how much interest you will pay under your refinanced monthly payment plan:
This is how much interest you will save
if you refinance:
Net Refinancing Savings
(interest savings less closing costs):