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Mortgage Refinancing
Calculator
This mortgage calculator
will help you to decide whether or not you should refinance your
current mortgage at a lower interest rate by calculating the
monthly payment, net interest savings and how many months it
will take to break even on the closing costs. (Please note that
you must click "reset" for each new
calculation.)
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Enter the principal balance of your mortgage
(call your mortgage lender
for you current payoff): |
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| Enter your monthly mortgage payment: |
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| Enter your mortgage's current interest rate: |
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| Enter interest rate at
which you will be refinancing: |
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| Enter the number of years
you will be refinancing: |
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| Enter the closing costs for refinancing: |
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| This will be your payment if you refinance: |
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| Monthly Savings: |
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| Number of months to break even on closing costs: |
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| Amount of interest you will pay
under your current loan: |
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| Amount of interest you will pay
under refinance loan: |
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| Amount of interest you will save if you refinance: |
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| Refinancing Savings (interest savings less closing costs): |
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