Mortgage Refinance Calculator
Using this calculator can help you determine if and how much potential refinance terms can save compared to your current mortgage. It also establishes a "break-even" point, which indicates how long it will take to recover the costs of refinancing. First, you'll enter the terms of your current mortgage, and then you can enter possible terms for a mortgage refinance. You can play with different refinance features to find refinance terms that meet your needs.
Evaluating a Home Loan: When Will You Break Even?
This calculator also indicates when or if your monthly savings will recoup the closing costs associated with your refinance. It also points out (in red) potential variations in payments that can affect the benefit's of refinancing. For example, refinancing may provide a lower payment, but over time, you may pay additional interest. This feature allows you to estimate how refinancing a home loan can affect your finances over time.