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It's a question almost everyone is asking: "Should I refinance my mortgage?" If so, what's the best way to pay for my mortgage refinance

It's a question almost everyone is asking: "Should I refinance my mortgage?" If so, what's the best way to pay for my mortgage refinance

Should I Refinance My Mortgage?
Refinance Calculator

Should you refinance your mortgage?

Whenever interest rates drop, the appeal of refinancing your mortgage grows. But it's important to know the real costs -- and potential savings -- before making a move. Just as it's possible to save money with a refinance, it's also possible that your refinance will cost you money.

It's all about the intersection of interest rates, costs and your expected time frame. Believe it or not, it can even be possible to save money for a time with a refinance even if your new interest rate is higher than your existing one!

Shop and compare today's best mortgage refinance rates

This calculator will show how your mortgage payment will change if you refinance, when you can expect to recover your closing costs and when interest savings really begin to start, if ever. Once you've decided to refinance, you can also learn the best way to pay for your refinance using our Tri-Refi calculator.

How to use this "Should I refinance my mortgage?" calculator

Just fill in the boxes with the basic information from your existing loan and that from your expected new loan, then click "calculate". Results appear below the calculator inputs. To get the most out of this calculator, be sure to read any commentary that appears with the results.

Should I Refinance My Mortgage?

Current Mortgage New Mortgage
1 Originated month and year
Current Mortgage
New Mortgage
2 Original loan amount
Current Mortgage

Please enter value greater than 0

New Mortgage

Based on the term you input, your existing loan has been paid off and so can't be refinanced.

3 Loan term
Current Mortgage

The current mortgage term must be a number between 5 and 40

New Mortgage

The current mortgage term must be a number between 5 and 40

4 Interest rate
Current Mortgage

The current mortgage rate must be a decimal value between 2.00 and 9.999

New Mortgage

The current mortgage rate must be a decimal value between 2.00 and 9.999

5
Estimated closing costs including points
New Mortgage

Please enter value greater than 0 and less than original loan amount

Current monthly payment
-  
New monthly payment
-  
Monthly payment reduction
-  
Closing cost recovery
- to break even

Number of payments made so far
Current Loan -
New Loan -
Number of remaining payments at refinance date
Current Loan -
New Loan -
Total interest paid as of refinance date
Current Loan -
New Loan -
Total unpaid interest at refinance date
Current Loan -
New Loan -
Difference in total interest cost (savings)
Current Loan -
New Loan -
Less closing costs you paid
Current Loan -
New Loan -
Net savings from refinance
Current Loan -
New Loan -
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