Find out with our calculator if you can save money on interest by refinancing your home mortgage loan. Simply input within the calculator your current mortgage loan rate and terms, current appraised value, new loan term, rate and closing costs. The calculator will also help tell you the number of months it will take to break even on closing costs with your reduced monthly payment.
Use Our Mortgage Refinance Calculator to See How Much You Could Save
If you can lower your mortgage interest rate by even a small amount, refinancing your home loan may be a smart choice. For instance, if your adjustable rate mortgage (ARM) is moving to a higher interest rate, home refinancing may help you save.
Refinancing your mortgage to a lower interest rate can help save you money by lowering your monthly mortgage payments. In addition, refinancing could shorten your repayment period, helping you build equity even faster.
Compare the original and new mortgage rates by filling in the appropriate fields of this easy-to-use refinance mortgage calculator to help determine how much you could save by refinancing your mortgage loan.
Monthly PMI – Your monthly costs for private mortgage insurance (PMI).
Closing costs – Total expenses, including fees and other costs, involved with the new mortgage.
New PITI – New monthly principal, interest, taxes and insurance payment.
New loan-to-value – Total loan amount divided by the appraised home value.