Should I Refinance Calculator
Deciding whether or not you should refinance your mortgage depends upon several factors. It also depends upon whether your goal is to simply reduce your monthly mortgage payment or if you are hoping to save money in the long run. This calculator will show how much you stand to gain or lose in terms of monthly payment, total payments, and overall financing costs.
Should I Refinance?
How to use the calculator
Enter the information on your current mortgage (current balance amount, interest rate, term, and months already paid), and on your proposed new mortgage (interest rate, term). Specify how long you plan on living in your current home - then enter the fee and points information for your new mortgage. Finally, indicate the tax rates for both federal and state - and click calculate.
The results will show the monthly payment before and after refinancing, as well as the total monthly payments over the course of both loan scenario's. The results screen goes on to display the total financial savings/cost impact of refinancing (see the field named "Total Benefit") - which is derived using closing closts, tax costs/savings, and mortgage balance when the home eventually is sold.