Refinance Savings Calculator
Refinance Savings
How much interest can you save if you refinance your mortgage? The Should I Refinance Calculator helps you find out. Enter the specifics about your current mortgage, along with your current appraised value, new loan term, rate and closing costs. The calculator will determine how much interest refinancing can save you and if you should refinance your mortgage. In addition, it will calculate the number of months to break even on closing costs with your reduced monthly payment.
Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Should I Refinance Calculator
About your home: |
Original mortgage: | Monthly payment $3,045.20 |
New mortgage: | Monthly payment $2,782.75 |
You could save $62,186.45 in interest |
Your payment will decrease $262.45 per month |
Definitions
Appraised home value
Current market value of your home.
Annual property taxes
Your annual property taxes.
Annual home insurance
Your annual homeowner's insurance premium.
Original loan amount
Total amount of your original mortgage.
Original interest rate
Interest rate of your original mortgage. Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.
Original term in years
Total number of years of your original mortgage.
Monthly PMI
Monthly cost of Private Mortgage Insurance (PMI). For loans secured with less than 20% down, PMI is estimated at 0.5% of your loan balance each year but can be higher or lower depending on the loan and your credit score.
Number of payments made
The total number of payments you have made on your original mortgage.
New interest rate
Interest rate of your new mortgage. Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.
New term
Total number of years of your new mortgage.
New mortgage balance
Total amount for your new refinanced mortgage. This amount is equal to your current balance on your original mortgage. Closing costs and prepayment penalties are assumed to be payable at the time of closing. Closing costs are not added to your new mortgage balance.
Closing costs
Total fees and other costs associated with the new mortgage, paid at the time of closing. This calculator assumes that all closing costs are paid separately and are not rolled into the new mortgage amount.
New loan-to-value
Total loan amount divided by the appraised value of your home.
Location & Hours
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