Mortgage Refinancing Calculator

Mortgage Refinancing Calculator - If you're on the fence about whether or not to refinance your mortgage, why not let a home mortgage refinance calculator be your guide?

This simple, convenient tool can be a big help in determining the viability of pursuing a refinance in relation to your current financial decision.

To begin, you'll need to input the following information from your most recent mortgage statement:

  • Original loan amount (the amount you originally borrowed to purchase your home)

  • Interest rate (APR)

  • Term length in years (typically 15-30 years)

  • Remaining term (for example, if you have a 15-year mortgage and have made payments for 2-1/2 years, the term remaining would be 12 years, 6 months)

  • Balance of remaining principal

Next, you'll input the following information for the quotations you've received from potential refinance lending institutions:
  • Amount you will be refinancing (the balance of your remaining principal)

  • New interest rate

  • New term length

  • Fees

  • Points paid

After the results are tabulated, the refinance calculator will display a snapshot of how your current mortgage compares with the new loan you're considering. This information will tell you:
  • The total interest you'll pay with each loan

  • What your new monthly payment will be

  • The break even point of your new loan

The break even point reflects how long it will take to recoup the costs associated with your refinance. If the break even point is years away and you don't plan on staying in your home until then, a refinance is not in your best financial interests.

There are several factors to consider when refinancing, and a home mortgage refinance calculator makes light work of sorting through the confusion. As with any financial decision, evaluate the information closely and make sure that a refinance is the best decision for your long-term financial health.

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