Mortgage Consolidation & Refinancing Calculator Version 1

If you have 2 different mortgages, this Mortgage Consolidation & Refinancing Calculator Version 1 will help you decide whether it is economically smart for you to consolidate both of your mortgage loans into 1 single loan, with a lower interest rate. It will compare your currently monthly mortgage payments with your payments on the new refinanced interest rate, outputting the net savings you will have (Monthly Payment Reduction). The mortgage refinancing calculator is so sophisticated that it will also output the break even point on your closing costs. Here is a sample output generated from this calculator:

"If you refinance your current 5.00% mortgage and your current 6.00% mortgage into a single 4.50% mortgage, your monthly payment will decrease by $440.03 and you will save $168,303.78 in interest charges over the life of the mortgage. However, in order for this refinancing to yield any savings at all you will need to stay in your current home for at least 23 months. That's how long it will take for the monthly interest savings to offset the closing costs attributable to refinancing."

First Mortgage
Enter the principal balance of your first 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 first mortgage's current interest rate:
Second Mortgage
Enter the principal balance of your second 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 second mortgage's current interest rate:
Refinance
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:
Number 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):