Should you Refinance?

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Instructions. Just fill in the non-colored boxes with the requested information. As you tab or mouse-click through the boxes, your results will appear automatically in the colored boxes. You can change any of your entries, in case you want to try several different scenarios, but you must tab or mouse-click to another box to update your results. Information on your CURRENT mortgage What was the month in which this mortgage originated? January February March April May June July August September October November December What was the year in which this mortgage originated? What was the original amount of this mortgage? What is the term of this mortgage? year What is the interest rate? Information on your NEW mortgage What is the mortgage amount? (The value at right is the calculated amount you currently owe) What is the term of this mortgage? year What is the interest rate? What are your estimated closing costs, including any points paid upfront? The Results Your current monthly payment is Your new monthly payment will be If you refinance now, your monthly payments will be reduced by It will take this long to "break even," or recover closing costs on the new mortgage Mortgage analysis CURRENT Loan NEW Loan Number of payments made so far Number of remaining payments at refinance date Total interest paid as of refinance date Total unpaid interest at refinance date