This refinance calculator helps determine if you should refinance or not.
Existing Loan |
New Loan |
|
|---|---|---|
| Original loan amount | ||
| Interest rate (%) | ||
| Loan period | ||
| How many months have been paid? |
CalculateI want to know how much I can save on my monthly mortgage payments
CalculateI want to know the total picture of refinancing to make a decision on whether to refinance or not
By refinancing, your monthly mortgage savings are shown below:
Existing Loan |
New Loan |
|||
|---|---|---|---|---|
| Loan amount | ||||
| Interest rate (%) | ||||
| Loan period | ||||
| Scheduled number of payments | ||||
| How many months have been paid? | ||||
| Monthly mortgage payment | (1) | (2) | ||
| Monthly mortgage savings (1)-(2) | ||||
CalculateI want to know the total picture of refinancing to make a decision on whether to refinance or not
Here’s the TOTAL picture of refinancing:
Existing Loan |
New Loan |
||||
|---|---|---|---|---|---|
| Original loan amount | (1) | Recalculate | |||
| Interest rate (%) | (2) | (3) | Recalculate | ||
| Interest rate reduction with new loan (2)-(3) | |||||
| Loan period | Recalculate | ||||
| Scheduled number of payments | (4) | ||||
| How many months have been paid? | (5) | ||||
| Monthly mortgage payment | (6) | (7) | |||
| Monthly payment savings (8)=(6)-(7) | (8) | ||||
| Current existing loan balance | |||||
| Total amount to be paid with the existing loan (if no refinance) | (9) | ||||
| Amounts already paid on existing loan | |||||
Now I need to add the refinance (closing) cost to the picture. There are 2 parts to the refinance (closing) cost:
Part 1: Interest to be paid during the refinance process |
|||
|---|---|---|---|
| Unpaid interest on Existing Loan (1 month) | $ | ||
| Prepaid interest on New Loan (1 month) | $ | ||
| Part 1 subtotal | $ | ||
Part 2: Refinance processing fees |
|||
| New loan points and lender costs on new loan*
(get the number from your lender) |
Recalculate | ||
| Other refinance costs** | Recalculate | ||
| Part 2 subtotal | $ | ||
| Total refinance (closing) cost | $ | (11) | |
* The default is 1.25% of the new loan amount
** Appraisal, credit report, tax service, flood certificate, processing fee, title insurance, escrow fee, notary fee, etc.
I want to pay my refinance (closing) cost out of pocket |
I DON’T want to pay my refinance (closing) cost and want to add it to the New Loan |
|||
|---|---|---|---|---|
| New loan amount considered | (1) | (1) | ||
| Refinance cost added to new loan | $0.00 | (11) | ||
| Adjusted new loan amount | (1) | (1)+(11) | ||
| Total amount paid over full term of years (principal + interest) | (12) | (13) | ||
| Refinance cost added out of pocket | (11) | $0.00 | ||
| Total amount plus closing costs over full term | (14)=(12)+(11) | (13) | ||
| If you don’t refinance, the amount left to pay at end of existing loan is | (15)=(9)-(10) | (15)=(9)-(10) | ||
| My monthly mortgage payment will be | (7) (8) |
|||
| By refinancing, I will | (15)-(14) | (15)-(13) | ||