Consolidation Calculator

This calculator will help you to decide whether or not it would be advantageous for you to consolidate a first and
second mortgage and refinance into a single mortgage with 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. Note: Be sure to only include the principal and interest portion of your
monthly mortgage payment, i.e., do not include any escrow portions (property taxes, insurance, etc.).

First Mortgage

Principal balance of your first mortgage:

Amount of your monthly mortgage payment:

Your first mortgage's current interest rate:

Second Mortgage

Principal balance of your second mortgage:

Amount of your monthly mortgage payment:

Your second mortgage's current interest rate:

Refinancing

Interest rate you will be refinancing at:

Number of years you will be refinancing for:

Closing costs:

Would you like to finance the closing costs?

Monthly payment will be if you refinance:

$2,245.22

Your Monthly Savings will be:

$2,754.78

If you refinance your current 4% mortgage and your current 4.5% mortgage into a single 3.5% mortgage, your monthly payment will decrease by $2,754.78 and you will pay an additional $161,121.09 in interest charges over the life of the mortgage.

This is how much your monthly payment will be if you refinance:	$2,245.22
Monthly Payment Reduction:	$2,754.78
Number of months for interest savings to offset closing costs:	N/A
This is how much interest you will pay under your current monthly payment plan:	$147,159.35
This is how much interest you will pay under your refinanced monthly payment plan:	$308,280.44
This is how much interest you will save if you refinance:	$0.00
Net Refinancing Savings (interest savings less closing costs):	$0.00