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Mortgage Refinance Calculator

As those interest rates drop, it's often difficult to know when it's to your advantage to refinance your fixed-rate mortgage. Refinancing costs money, but often you can include those expenses in your new loan and still reduce your monthly payments. This calculator will compare your current and new monthly payments including the costs of refinancing. It will also tell you how long you would need to stay in your home to justify the cost of refinancing.

Use your mouse or tab key to move from box to box and enter numbers.

Original Mortgage Information

Amount of principal (e.g., $100,000)
Term (number of years, e.g., 30)
Interest rate (e.g., 10%)
Number of months you've paid the mortgage (e.g., 36)

Refinancing Information

Term (number of years, e.g., 30)
Interest rate (e.g., 8%)
Number of points (e.g., 2 or 0 if none)
Other refinancing fees (e.g., $300)

These calculators are provided to give you some general guidelines and cannot predict factors unique to your finances. For more information or assistance with your personal finances, please contact your banker.

Copyright 2002 by American Bankers Association
Created by Propel Technologies, Inc.