Refinance Calculator

This calculator will help you determine whether you should refinance your current home loan at a lower rate. It will also calculate how many months it will take to recover your closing costs. Place your cursor in the fields and fill in the requested information. You can use the tab key on the keyboard to move through the form. Once the required fields are completed, the form will automatically calculate the information you have requested.
$	What is the balance, or payoff amount, on your current mortgage?
$	What is your current monthly mortgage payment?
%	What is the interest rate of your current mortgage?
%	What is the interest rate of the new mortgage if you refinance?
	How many years will you refinance the mortgage for?
$	What are your refinance closing costs?

	This would be your new monthly payment if you refinance.
	If you refinance at a lower rate, this is the amount of money you will save per month.
	It will take you this many months to break even on closing costs if you refinance.
	This is the total interest you will pay under your current payment plan.
	This is the total interest you will pay under your refinanced monthly payment plan.
	This is the amount you will save in interest if you refinance at the lower rate.
	This is your net refinance savings. (interest savings minus closing costs).

DISCLAIMER: This calculator is provided to give you a general idea. We cannot guarantee the accuracy or the applicability to your situation. Please consult a qualified professional. If you use a 0% interest value, the calculator will automatically use a default value of .001. Please be aware that the values may vary slightly.

Payment
You can use the loan payment calculator to find your monthly principal + interest, your monthly taxes, your monthly insurance, and your total payment.

Amortization
This calculator will compute a loan's monthly payment amount based on the principal amount borrowed, the length of the loan and the annual interest rate.

15yr vs. 30yr
This calculator will compare a 15 and 30 year home loan. You can also enter the terms of your current mortgage (if you have one).

Affordability
Need to know how much house can you afford with your income?