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

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.

JavaScript is required for this calculator. If you are using Internet Explorer, you may need to select to 'Allow Blocked Content' to view this calculator.

For more information about these financial calculators please visit: Dinkytown.net Financial Calculators from KJE Computer Solutions, Inc.

By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.

Refinance Interest Savings

*indicates required.

About your home:

Appraised value:*This entry is required.Enter an amount between $0 and $250,000,000

Annual property taxes:*This entry is required.Enter an amount between $0 and $100,000

Annual home insurance:*This entry is required.Enter an amount between $0 and $100,000

Original mortgage:

Monthly payment $3,045.20

Purchase price:*This entry is required.Enter an amount between $0 and $250,000,000

Down payment:*This entry is required.Enter an amount between $0 and $250,000,000

Loan amount:

$350,000.00

Original mortgage:*This entry is required.Enter an amount between $0 and $250,000,000

Original interest rate:*This entry is required.Enter an amount between 0% and 50%

Original term in years:*This entry is required.

Original monthly PMI:*This entry is required.Enter an amount between $0 and $1,000

Number of payments made:*This entry is required.Enter an amount between 1 and 360

New mortgage:

Monthly payment $2,782.75

New mortgage balance:

$347,354.13

New interest rate:*This entry is required.Enter an amount between 0% and 50%

New term in years:*This entry is required.

Closing costs:*This entry is required.Enter an amount between $0 and $100,000

New monthly PMI:*This entry is required.Enter an amount between $0 and $1,000

You could save $62,186.45 in interest Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.

You could save $62,186.45 in interest

Your payment will decrease $262.45 per month Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.

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.

Refinance Savings Calculator