Mortgage Refinancing Calculator

This mortgage refinancing calculator compares your current original loan balance and your current interest rate with the new interest rate provided by the mortgage refinancing loan. You will then be able to see if it economically makes sense for you to refinance your mortgage with the newer interest rate.

loan calculator

Current Balance: $200,000
Current Interest Rate (APR): 6%
New Interest Rate (APR): 5.5%
Repayment Period: 15 years
Closing costs: $2000

Sample Output

Current Monthly Payment: $1,432.86
New Monthly Payment: $1,375.77
Monthly Savings: $57.09
Break-Even Point: 35.05 months
Current Interest Payments: $143,886.91
New Interest Payments: $130,185.91
Total Interest Saved: $13,701.00
Net Savings: $11,701.00