Refinance Calculator

This calculator will help you decide whether it will pay to refinance. It requires JavaScript, which generally means you have to have Netscape 2.0 or higher, or Windows Explorer 3.0; also, Windows 3.1 users will find that Netscape 2.0 has a bug that will lead to General Protection Faults (harmless, but it slows things down), so you should upgrade to Netscape 2.01 or higher.

Original Loan
Balance rate P&I payment
$ $

New Loan
Balance rate closing cost P&I payment
$ $ $

Analysis
monthly saving months to breakeven
$

Some comments:

  • This analysis assumes that both your current loan and new loan are 30-year mortgages
  • This analysis ignores taxes. The monthly savings from refinancing are lower on an after-tax basis than the pre-tax savings shown by the calculator; upfront points paid for refinancing may be tax deductible.

Directions

You must enter all of the following:

  1. The original amount of your mortgage, say 125000, under Original Loan Balance
  2. The interest rate on your original mortgage, say 9.5
  3. The current amount of your mortgage, say 118500, under New Loan Balance
  4. The interest rate on a new mortgage if you refinance
  5. The closing costs on your new loan (points, fees for application, title search attorneys, appraisal, etc.)

Click on compute, and the calculator will figure your principal and interest (P&I) payments, how much you would save each month, and how many months it would take to break even.


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Revised: February 1997.