Calculator - Should I Refinance?
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 breakeven on closing costs with your reduced monthly payment.
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 mortgage.
- 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 mortgage.
- 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.
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