Calculate when refinancing your mortgage pays off
Enter your existing mortgage information
Remaining principal on your mortgage
Principal & Interest only
Enter the refinance loan terms
Total fees for refinancing
Side-by-side analysis of current vs. new loan
Charts showing savings over time
Detailed payment breakdown over time
Formulas, tips, and when to refinance
M = payment, P = principal, r = monthly rate, n = number of payments
Total closing costs typically range from 2-5% of loan amount
Many lender fees are negotiable. Ask for fee waivers or reductions, especially if you have good credit.
Get quotes from at least 3-5 lenders. Rates and fees can vary significantly.
Trade a slightly higher rate for $0 closing costs. Good if you might move soon.
The point when your monthly savings equal the total closing costs paid.
Several factors affect whether refinancing makes sense.
Avoid these refinancing pitfalls.