| This JavaScript 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. |
|
|
Enter the principal balance of your mortgage (call your
mortgage lender and ask for the current payoff amount):
|
|
|
Enter the amount of your monthly mortgage payment:
|
|
|
Enter the 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 that will be required for refinancing:
|
|
|
|
|
|
This is how much your monthly payment will be if you
refinance:
|
|
|
Monthly Savings:
|
|
|
Number of months to break even on 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):
|
|
|
|