Mortgage Refinancing Calculator

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Fed Meeting Ends With Rates Unchanged

The FOMC meeting concluded today with a statement that there would be no change to short term interest rates, citing mounting inflation concerns, despite a slowing economy. This was widely anticipated by the markets and as a result there will be no change today’s mortgage rates. Fed Meeting Ends With Rates Unchanged

Mortgage Rates Tick Up On July Employment Data

Mortgage rates will increase slightly today by about .125 to the points on mixed economic reports. The Labor Department reproted that in July the unemployment rate was not as high as had been expected. This is good news for mortgage rates. However, at the same time the number of job losses was lower than had been [...]

Mortgage Rates Up On Strong Reports

Bonds reversed course today, sinking as three pieces of economic data came in suggesting the economy is in better shape than thought. First, Durable Goods Orders for June came in much stronger than had been expected, suggesting that the manufacturing sector is recovering. Secondly, University of Michigan’s Index of Consumer Sentiment for June came in [...]

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):

Loan Type :	Property Type :	Property Use :

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We provide comparison mortgage shopping services and mortgage information. The rates displayed on this site are relective of current market rates, and are subject to change at any time.