Recent Calculations
How much interest can you save if you refinance your mortgage? The Should I Refinance Calculator helps you find out. Enter the specifics about your current mortgage, along with your current appraised value, new loan term, rate and closing costs. The calculator will determine how much interest refinancing can save you and if you should refinance your mortgage. In addition, view the report to see the number of months to break even on closing costs with your reduced monthly payment.
Current market value of your home.
Your annual property taxes.
Your annual homeowner's insurance premium.
Total amount of your original mortgage.
Interest rate of your original mortgage. Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.
Total number of years of your original mortgage.
Monthly cost of Private Mortgage Insurance (PMI). For loans secured with less than 20% down, PMI is estimated at 0.5% of your loan balance each year but can be higher or lower depending on the loan and your credit score.
The total number of payments you have made on your original mortgage.
Interest rate of your new mortgage. Please note that the interest rate is different from the Annual Percentage Rate (APR), which includes other expenses such as mortgage insurance, and the origination fee and or point(s), which were paid when the mortgage was first originated. The APR is normally higher than the simple interest rate.
Total number of years of your new mortgage.
Total amount for your new refinanced mortgage. This amount is equal to your current balance on your original mortgage. Closing costs and prepayment penalties are assumed to be payable at the time of closing. Closing costs are not added to your new mortgage balance.
Total fees and other costs associated with the new mortgage, paid at the time of closing. This calculator assumes that all closing costs are paid separately and are not rolled into the new mortgage amount.
Total loan amount divided by the appraised value of your home.