Refinancing Mortgage Calculator

• Figure out how much a refinance can save you

• Factor in all of your current expenses to get a good idea

• This home loan calculator can quickly help you

DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation.  Please consult your own financial advisor.

Refinance Mortgage Calculator Explained

This refinance mortgage calculator helps you compare your current mortgage, a potential new refinance, and savings under different scenarios. This refinance calculator can be used to figure out how different refinances affect your monthly payment. A refinance calculator should show you your overall savings.

This example factors in the following on your current mortgage:

• your current mortgage balance

• the total length of your loan (in months)

• your current interest rate

• the number of payments you have already made

Next, a potential refinance uses the following factors:

• the new amount being borrowed

• the new loan term (not always 360 months)

• the new interest rate

• your closing costs

• the months until you plan on selling the property

Your monthly payments are lowered even after you refinance and cash out because your overall rate is lower. It is important to compare apples and apples: factor in just the cost of the mortgage, not taxes or other non-loan factors. Your "total monthly payment" that you are considering may include tax payments into an impound account, or other items. If you add these in, the refinance mortgage calculator will not let you compare both loans properly.