Refinance Analysis Calculator
Refinance Analysis 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.
Typically, # of points is "2" or dollar amount is .02 times the principal.
Monthly payment will be if you refinance:
$1,347.13
Your Monthly Savings will be:
$652.87
If you refinance your current 4.00% mortgage to a 3.50% mortgage, your monthly payment will decrease by $652.87 and you will pay an additional $68,386.51 in interest charges over the life of the mortgage.
| This is how much your monthly payment will be if you refinance: | $1,347.13 |
| Monthly Payment Reduction: | $652.87 |
| # of months for interest savings to offset closing costs: | 1 |
| This is how much interest you will pay under your current monthly payment plan: | $116,581.76 |
| This is how much interest you will pay under your refinanced monthly payment plan: | $184,968.26 |
| This is how much interest you will save if you refinance: | $0.00 |
| Net Refinancing Savings (interest savings less closing costs): | $0.00 |
* Please note: this calculator is for illustration payments and actual payments may vary.