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Mortgage Refinance Calculator

In the left column below enter your current loan information.  The New Interest Rate box should be entered as a number between 6 & 7.5 (rates will vary by type of loan and discount points paid), call one of our mortgage professionals for details. Estimated closing cost are approximately 3% of the final loan amount,  if you have recently closed on your current loan, savings on your appraisal and Title Insurance may be available.   When you have finished entering  your information click on the "Compute" button.   This will calculates your net savings after refinancing and how long (number of months) it will take to recover your closing costs. 

Mortgage Refinance Calculator

Enter your loan information below. 

Your refinance loan details.
Balance of Current Mortgage

$

   Refinanced Monthly Payment $see 1 below
Monthly
Payment of
Current Mortgage

$

 Monthly Savings $see 2 below
Current
Interest Rate

   %

 Months to Recover Closing Costs   see 3 below
New Interest Rate

   %

 Current Interest Debt $see 4 below
Term of New Mortgage In Years

  

Refinanced Interest Debt $
Estimated Closing Costs(3% of loan $)

$

 Interest Savings $

Interest Savings minus Closing Costs

$
1. Your new monthly Principle & Interest Payment.  Does not include taxes or insurance. 
2. Your monthly Principle & Interest payment will be reduced by this amount.
3. The # of months you  must continue to own your home to cover the cost of this refinance.
4. Total interest that would be paid if current loan was paid to full term.
Back to Refinance Page Interest Rate Comparison Table

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Copyright © 2000 First Mortgage Corporation - Last modified: May 06, 2004