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Mortgage Refinance Calculator

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 (Principal & Interest Only):
Enter 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 :
(Typically, # of points is "2" or dollar amount is .02 times the principal)
Would you like to finance the closing costs?
This is how much your monthly payment will be if you refinance:
Monthly Payment Reduction:
# of months for interest savings to offset 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):

The Mortgage Refinance Calculator allows you evaluate the option of refinancing your mortgage. The calculator takes as input, details about your current mortgage and a refinancing option you might be looking at, such as the two different interest rates, your principal balance, your current monthly payment and any closing costs.

The calculator will then compute your new monthly payment if you were to refinance, any reduction you might observe in your monthly payment as well as details about the interest savings involved and how long until your interest savings will offset the closing costs of your current mortgage.

It is important to understand that this calculator is a general calculator that is for information purposes only. Any given financiering option you might be looking at may have specific details relating to the costs or savings involved that may not be accounted for by this calculator. As such, the calculators should be used only to get an initial indication of the potential feasibility of a mortgage option and you should always have a professional evaluate the payments, costs and conditions involved with any specific financing option you might consider.

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Disclaimer: The provider of these mortgage rates and calculators does not guarantee the accuracy of the rates or calculators or give any express or implied warranty as to their accuracy. We do not accept any liability for errors or omissions. The provider of the calculators and mortgage rates is not liable for any damages (including, without limitation, damages for loss of business or loss of profits) arising in contract, tort or otherwise from the use of or inability to use the above calculators and rates, or from any action or decision taken as a result of using this website or any such material. Reading, understanding and agreeing to this disclaimer is a condition of use of the calculators and rate information on this site. Always seek professional advice before making any financial decisions.