Should You Refinance?

The Refinance Interest Savings Calculator will help you to calculate what your potential interest savings could be based on refinancing your mortgage. You will be able to enter the specifics on your current mortgage and the details on what you would have if you refinanced your mortgage to see if it is beneficial for you to refinance. This calculator will also allow you to determine your break-even point if you do refinance, which is the amount of time that it will take you to recoup the closing costs that you will have to pay to refinance your mortgage.

Looking for more personalized rates? Compare rate quotes from lenders and brokers, then return to our Refinance Interest Savings Calculator.

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: (principal and interest portion 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 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):

More Information

Refinancing your current mortgage can save you money on your monthly mortgage payment. By lowering your monthly mortgage payment, you can also save on the amount of interest that you are paying over the term of your mortgage. How much interest you can save by refinancing your mortgage depends on several factors.