Refinance Interest Savings

Refinance Interest Savings

How much interest can you save if you refinance your mortgage? This 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. We will then determine how much interest refinancing can save you. In addition, we calculate the number of months it will take to break even on closing costs with your reduced monthly payment.

var gaJsHost = (("https:" == document.location.protocol) ? "https://ssl." : "http://www."); document.write(unescape("%3Cscript src='" + gaJsHost + "google-analytics.com/ga.js' type='text/javascript'%3E%3C/script%3E")); " > This Financial Calculator requires a Browser with Java Support

Definitions
Appraised home value	Current market value of your home
Original loan amount	Total amount for your original mortgage
Original rate	Annual percentage rate of your original loan
Original term in years	The total number of years for your original mortgage
Number of payments made	The total number of payments you have made on your original mortgage
Annual property taxes	Your annual property taxes
Annual home insurance	Your annual home owners insurance premium
Monthly PMI	The amount you pay each month for PMI. This is usually your 0.5 percent of your loan amount, if you have less than 20% equity in your home
Current PITI	Current monthly Principal, Interest, Taxes and Insurance payment
New rate	Annual percentage rate of your new loan
New term	The total number of years for your new mortgage
New mortgage balance	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 paid at the time of closing. Closing costs are not added to your new mortgage balance.
Closing costs	Total fees and other costs associated with the new mortgage and paid at the time of closing. This calculator assumes that all closing costs are paid with proceeds other than the new mortgage (closing costs are not added to the total for your new mortgage amount).
New PITI	New monthly Principal, Interest, Taxes and Insurance payment
New Loan to Value	Total loan amount divided by the appraised value of your home

Information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.