Mortgage Refinancing
Should you refinance your mortgage? That depends on a multitude of factors. These factors include your current interest rate, the new potential rate, closing costs and how long you plan to stay in your home. Use this calculator to sort through the confusion, and determine if refinancing your mortgage is a sound financial decision.
Refinancing will change your monthly payment from CURRENT_PAYMENT to NEW_PAYMENT.
Refinancing will change your monthly payment for principal, interest and PMI from CURRENT_PAYMENT to NEW_PAYMENT. Your new loan will be NEW_LOAN_BALANCE at NEW_RATE for NEW_LENGTH years. Closing costs are estimated at TOTAL_CLOSING_COSTS. To avoid PMI payments on your new loan NEW_LOAN_20_EQUITY in equity is required. This equals 20% of your home's current appraisal price.
Refinancing Breakeven Analysis
Payment Schedule Comparison