Estimate your refinance savings

Simple refinance calculator

Does it make sense to refinance? Use it to compare quotes, or just to see if refinancing is right for you. Remember, these are only estimates and these figures will be different than what will appear on your closing statement. This refinance calculator can only give you an estimate!

Don't know how much closing costs will be?
Somewhere around 2% would be a safe starting point. In the Enter the closing costs box in the refinance calculator, select the percentage points drop down and enter 2.

When you know the dollar amount of your costs
After you receive your multiple quotes, use the dollar amount dropdown in the Enter the closing costs box. Enter the amount of your costs in dollars. This is the most accurate way to compare programs so you can make the refinance decision that will save you the most money.

Making a well informed decision
If you would like to get a more accurate idea of what your savings will be with no risk to your credit score, we offer a no prequalification refinance quick form so you don't have to guess.

Your information is secure
This refinance calculator uses your computer to compute your savings. No one sees the refinance figures you input and your results. You're the only one who sees the numbers!

Mortgage Refinancing Calculator
This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. Not only will this calculator calculate the monthly payment and net interest savings, but it will also calculate how many months it will take to break even on the closing costs.

Enter the principal balance of your mortgage:
(call your mortgage lender and ask for the current payoff amount)
Enter the amount of your monthly mortgage payment (Principal & Interest Only):
Enter your mortgage's current interest rate:
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:
# 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):
 
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