Mortgage Refinance

You can determine how much you will save in total interest and monthly payment when you refinance at a lower rate. The tool will also help you to calculate the break even period (number of months) within which your interest savings can make up for the closing costs.
Balance Mortgage Amount ($)
Monthly Mortgage Payment (Principal + Interest)
Current Mortgage Rate (% per annum) %
Mortgage Rate you will be Refinancing At (% per annum)
Number of Years you will be Refinancing For
Closing Costs
Would you like to finance the closing costs?
   
Interest Save by Refinancing
Your Monthly Payment will be if you Refinance
Monthly Payment Reduction
Number of Months for Interest Savings to Offset Closing Costs
Interest Pay under your Current Monthly Payment Plan
Interest Pay under your Refinanced Monthly Payment Plan
Total Interest you will Save if you Refinance
Net Refinancing Savings (Interest savings less closing costs)
How it's possible?