Financial Calculator
To help evaluate your alternatives
Mortgage Refinancing Calculator

This calculator helps analyze whether refinancing your current mortgage is appropriate for you.

Input for current and new mortgage
Current mortgage payment $
Current mortgage amount $
Interest rate on new mortgage %
Amortization term of new mortgage years

Consider the Costs of Refinancing
As you analyze your refinancing options, be sure to factor in all of the costs that may be associated with the refinancing. You should recover those costs over a relatively short period with lower monthly mortgage payments. Here is a worksheet that will help.

Costs you may incur when you refinance
Discount points $ Title search fee $
Origination points $ Title insurance fee $
Application fee $ Appraisal fee $
Credit check fee $ Inspections $
Your attorney fees $ Local fees and taxes $
Lender attorney fees $ Other fees $

Results
Monthly payment on new mortgage
Monthly savings
Total estimated refinancing costs
Time needed for savings to recover refinancing costs
Total principal and interest payments
Total interest payments

This calculator is to be used for estimation purposes only. The financial institution is not responsible for its accuracy and the results are not guaranteed.